[Jason Santos]

...vary? is it wise to choose the cheapest? So forclosure in Hawaii is not a big issue but prices have dropped but homes are still expensive in Honolulu. I looked up mortgage loans and the cheapest offer was 3.75% for a 30 year-term and 4.25% for the most expensive offer. Is it wise to get the cheap one? and why do most people choose the 15 year term. I know its faster to pay it off but as the years pass inflation rises and the value of the dollar goes down and your salary will hopefully increase but your monthly payment stays the same plus I do not plan on having kids so if I die before paying up it will be all up to my sister to pay the rest.

[Catalina]

Whether you take a 15 or 30y mortage is up to you. Most people take 30y. 10 years ago it was unheard of to have anything but a 30y mortgage.- Also the 4.25% is the highest PUBLISHED rate, the highest rate (low down payment, low credit) could easily be over 10%.It's wise to talk to a mortgage broker to find out what is the best situation for you. I'm in the process of refi-ing a loan. The lowest rate I was quoted was 3.5% but that included $2500 in closing costs. However, another loan was 3.875% with $1200 closing, which ultimately saves me money.