Most people who own their own homes want them to be paid off as fast as possible. One of the ways people hope to accomplish this is through switching to a 15 year mortgage.If you already have a 30 year mortgage, you can pay it off over 15 years simply by making larger payments of principal each month.
One major advantage in switching to a 15 year mortgage is that the 15-year Fixed is about 0.5% lower in interest rate than a 30-year Fixed Rate Mortgage.
The main factor in determining whether you should switch to a 15 year mortgage is "can you afford the payment" on a 15 year payment. You may be able to qualify for a 15 year mortgage, however you are the one that pays your bills each and every month and you know if you can truly afford to switch to a 15 year mortgage.
If you can afford this route it's a no brainer, you will save 10's of thousands in interest and it sure would be nice to have your home paid off that much sooner!
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