No. This is one of many places where I don't agree with Dave Ramsey. I would rather get a 30-year mortgage and pay it off in 15 than to get a 15-year mortgage and be locked into the higher payments. A 30-year gives you more leverage and more breathing room if things get tight while still giving you the opportunity to prepay if you choose to.
Also, I'm not a big fan of prepaying the mortgage because over time (the past few months being an exception), my investments earn far more than my mortgage costs me so by keeping the mortgage as long as possible I will come out way ahead financially.
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Steve
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
* The world is a book and those who don't travel read only one page.
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