Negotiating mortgages can be difficult for first-time buyers due to the risks and costs. A 15-year mortgage offers lower interest rates but higher monthly payments, which can strain finances. A 30-year mortgage is often more manageable for first-time buyers due to lower payments. Adjustable-rate mortgages may benefit those planning to resell quickly. Refinancing options are available for 30-year mortgages, and older borrowers may prefer 15-year terms to reduce debt before retirement. Disciplined savers might manage the higher payments of a 15-year mortgage better.
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