Question

A 15-year mortgage compared to a 30-year mortgage has all of the following except

A) a lower appraisal fee.
B) less interest over the life of the loan.
C) higher payments.
D) a faster build up of equity.

Answer 1

A 15-year mortgage compared to a 30-year mortgage typically has higher payments.

Step-by-step explanation:

A 15-year mortgage compared to a 30-year mortgage has all of the following except:

A) a lower appraisal fee.

B) less interest over the life of the loan.

C) higher payments.

D) a faster build up of equity.

A 15-year mortgage typically has higher payments compared to a 30-year mortgage. This is because the loan is being paid off in a shorter period of time, so the monthly payments are larger.