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15-year and 30-year are usually the most popular mortgages.  But the advantages of having a 20-year mortgage are huge.  You pay more each month, but you pay it for 10 years less.  Say your buying a house for $100k, here's how the different mortgage plans work out at 5% interest:  30-year payment is $536 over 30-years you will pay $98,255 in interest.  For the 20-year is about $659 but your total interest will come to only $58,389.  If you are age 40 the house will be paid off well before you retire.  If you are 20 it will probably be paid off by the time your kids go off to college.  With college expenses it will be nice to have the extra $659 to spend! 

Obviously Mortgage Rates are at an all time low, so rates are much lower then 5%.  But, I used 5% to make the example easier to see the benefits.  Most of the time the 20yr mortgage has the same rate as the 30yr or very close.  If you are buying a home or refinancing a home, you will want to think about the 20yr mortgage option.  Call me today to make sure you are getting the best rate possible.