15 or 20 year refi?

[Mark Ossman]

I'm about to refinance my investment property under the HARP program and was wondering if I should go with a 15 or 20 year fixed. APRs for both are attractive and the 15 yr. would be about $180 more per month and I would save about $20k on interest over the loan period. In general, does it make more sense to go with the shorter term considering the savings on interest or is $20k over 15 years not enough to matter? Are there other things I should consider besides the APR and interest before making my decision?

[Bryan Hancock]

Unless you can't generate much yield on your cash it is almost always better to take the longer amortization provided your horizon is long and the rate differential between the short and long is small.