Having your own home is beneficial because you have a permanent address. However, you need to purchase a house first, which can be tedious because it’s costly. You need a good credit history and money, and finding the right home takes time. Not all people can afford to pay for a house out of their pockets, so the best option is to secure a mortgage.

A mortgage is a long-term financial agreement where you borrow money to buy a house. The lender will approve the loan based on your income and the house’s value, and the monthly payment will go towards paying it off with the fees and interest. Mortgages are usually in 15-year and 30-year terms, but many people opt for the former because a long-term loan can be pretty expensive.

Beyond that, there are other reasons why you should consider getting a 15-year mortgage term. These include:

#1 – Builds Equity Faster

Buying a house is expensive. You have to pay for it upfront; after that, you must pay for the mortgage. However, because you are paying a mortgage, you will build equity. Equity is the difference between the market value and the mortgage you owe, and when you pay off your mortgage, you get the equity.

If you take a 30-year loan, you need to pay for that for three decades. You will not build equity during that time, but if you take a 15-year mortgage, you will pay for that for half of the time. You will build equity more quickly, and when you pay off the loan, you will get the equity immediately.

#2 – Better Chances of Getting a Lower Interest Rate

Interest refers to the price that you pay on loans. The lender will add that to the loan so you can pay it off in the end. A lower interest rate is better because you pay less.

When you have a 30-year mortgage, you will pay for it for three decades, and interest will be a part of that. The lender may ask for a higher interest rate because you have to pay for the mortgage for a long time.

When you have a 15-year mortgage term, you are paying for it half the time. The lender can offer a lower interest rate because you only need to pay for it for 15 years.

#3 – Saves Money

When you pay a 30-year mortgage, you will have to pay for your loan for three decades. This means that you will pay for the interest fees as well. You need to pay the interest every month, which can mean a lot of money if you borrow a lot.

If you take a 15-year mortgage, you will pay interest only half the time. You will spend less on the loan, which can help you save money. The amount of money you can save depends on how much you borrow; you can save thousands of dollars.

#4 – Pay Your Home Off Faster before You Pass

Let’s say you’re retired and planning to leave your home to your children. You need to pay off your house completely before you pass, and this may take a long time if you take a 30-year mortgage.

You can pay off your home faster if you take a 15-year mortgage term. This will mean that your children can get the house right away and live in it without worrying about paying for it. It will also be great if they can sell it with equity and make a profit.

#5 – Higher Monthly Payments

It might seem bad, but higher monthly payments can benefit the long run. It might be hard to pay a higher amount every month when you get a mortgage, but this is a small price to pay for a loan.

Your monthly payments will get easier when you pay off your mortgage in the end. You will have a lower amount left to pay every month, which is good because you will have more money to spend.


Getting a 15-year mortgage is better than getting a 30-year mortgage in the long run. The results are precise, so you should opt for a short-term loan. All that matters is paying off your loan, and you will do that faster when you get a 15-year mortgage.

If you’re looking for a mortgage company in Utah, Clayson Mortgage can help you! We offer various loan options to help you get one step closer to your dream home, coupled with reasonable rates and terms. Simply go to our website and apply now!