Determining whether to finance for 15 year or 30 year can be challenging. With a 15 year mortgage you will pay significantly less interest, which is desirable for obvious reasons. But that is only if you can afford the higher monthly payment. A 30 year term will allow you to afford more home. It depends on what is more advantageous for you personally.
Example: $200,000 morgtgage
Interest rate for 15 years 4%
Interest rate for 30 years 4.5%
15 year monthly payment: $1,479
30 year monthly payment: $1,013
15 year term saves you $98,526 in interest but costs $466 more per month.
Weigh the options carefully before making a decision.