15 year vs 30 year mortgage

[Bernie Burke]

Hello, newbie here.

I was hoping to gather some opinions on my situation. My wife and I are considering buying a condo that we will occupy for a few years and then possibly rent it out or sell it. We can afford the 15yr mortgage payment to save on the interest charges but it's not clear to us if that makes sense to throw the extra money out of our pockets at the loan because in a few (maybe 2) years we would have a tenant making the payments. Would it make more sense to go 30 years and have the lower payments now? 

[Russell Brazil]

All depends on your goals....but I prefer 30 year mortgages. It just gives you more flexibility. There is nothing stopping you from making a larger payment to pay it down in 15 years...but the flexibility of the lower payment might save you at some point down the line. Vacancy, job loss, medical emergency...anything that impede your future cash flow would be a reason to have the 30 year over the 15 year note.