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Getting a mortgage can be a benefit to your credit score in the long term!

Your credit score might dip when you initially take out your mortgage, but mortgages can improve your ‘credit mix’ and add to your credit history. Both of these will improve your credit score over time—something you likely won’t get when paying rent or a lease.

If you move before paying off your loan entirely, you are responsible for paying the loan in full at the time of the sale of your property.

The answer to this question is entirely dependent on your financial situation. When thinking long-term, it is apparent that you will save more on the interest incurred over a shorter, 15-year mortgage than you would with a 30-year one. However, your payment for a 15-year mortgage will typically be higher and therefore depends on your ability to pay an increased monthly mortgage.