Answer :
Final answer:
A 15-year mortgage offers advantages such as lower interest rates and saving on interest by paying off the loan sooner, but it usually entails a higher monthly payment compared to a 30-year mortgage.
Explanation:
Answer:
The correct option that is not a benefit of a 15-year mortgage is:
- You will have a lower monthly payment than with a 30-year mortgage
While a 15-year mortgage provides benefits like securing a lower interest rate and saving on interest by paying off the loan sooner, it typically results in a higher monthly payment compared to a 30-year mortgage. This is due to the shorter repayment period.
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