15 or 30 years mortgage?

[Joseph Fernandez]

How would you decide what type of mortgage to get on your property?

[Evelyn Roper]

Personally, I prefer to take a 30 year mortgage and apply extra payments each month toward principle.  This way, if I have a lower income producing month, the mortgage amount required is smaller than it would be on a 15 year term.  I pay extra (double my principle payment) most months to shorten the loan term.  A 30 year term also has the benefit of showing a lower debt/income ratio.