Are 15 Year Mortgages a Good Strategy?

15 year mortgages may be significantly more attractive than a 30 year mortgage. You have to make sure that if you do that 15 year mortgage and you run through the calculation, your monthly debt service does not exceed 25% of your gross income. If you are trying to stretch it, just to save an interest rate, but you get yourself in a pickle where your monthly note is sucking up so much of your income. But I will tell you, if you're somebody who's in your late 20s, early 30s and you're getting 15, 20% pay raises every year, you do need to look at this house because I've done this myself.