Did you know Conventional 15 year rates do not penalize you for lower credit scores, unlike 30 year rates? They do not!! So a client with a 680 would get the same 15yr rate as a client with a 740 credit score. Lets say you are buying a home of $250,000 with a 20% down payment and you have a 675 credit score. Your 30 year rate would be 5%(apr 5.48%), but the 15 year rate would be 3.75%(apr 4.25%). For this example the principal part of your mortgage payment for a 30 year mortgage would be $1074 and the payment for the 15 year payment would be $1454.
Is the 15 year mortgage for everyone, no. But, it could be the right mortgage option for you. Especially if you do not want to pay a Higher Interest Rate. Make sure you know all your options when getting a mortgage.