The pros and cons of 15-year fixed mortgages
The pros of a 15-year fixed mortgage:
it's a predictable monthly payment; the pay-down on a 15-year fixed is half the time of a 30-year fixed; the rates are usually lower than a 30-year fixed mortgage; and it's relatively simple and maintenance-free once you lock the rate (you don't need to worry about rate fluctuation).
The cons of a 15-year fixed mortgage:
monthly payments are quite higher than a 30-year fixed mortgage, therefore making these loans more difficult to qualify for, and the mortgage tax deduction on a 15-year fixed is less than a 30-year fixed.