Is a 30 Year Fixed Rate Mortgage Right for You?

Many people could save a substantial amount of money by pursuing a different financing strategy. Why over pay on interest for the first five or seven or ten years of a mortgage when you're not going to stay there for that long? People are much more likely to default on a 30 year mortgage than on a ten or 15 year mortgage. There is a substantial spread in interest rates between 10 or 15 year mortgages and 30 year mortgages. If you need to borrow money, can you do it with unsecured financing instead of secured debt?