Is a 15-Year Loan Smarter than a 30-Year Loan?

There is a general assumption that a 15-year loan is smarter than a 30-year loan. The radio, television, and Facebook will all tell you how much money you will save with a 15-year loan. The funny thing is that it is the lenders and banks that are promoting the 15-year mortgage. If a 15-year mortgage really is the smarter loan and saves so much money, why are the banks trying to get you to use it? In fact, the United States is one of the only countries that has a 30-year loan. It was created with support from the government

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