Well the first thing you need to ask yourself is; “How long do you plan to stay in your home loan?”

If you know you are going to move out, sell, or refinance your home within the first 5 to 7 years; then it normally would be in your best interest to go with a “Short-Term Fixed Rate” or and “Adjustable Rate”.

Since 15 and 30year loans are amortized so that you pay just about all interest for the first 5 to 7 years. So if you plan to change your home loan with in that time period, it would be best to look into maybe an “Interest Only home Loan”, an “Option ARM Loan”, “2, 3, 5, or 7year fixed rates”, or even a straight “Adjustable Rate Mortgage”. By staying in the loan for a short time period you can drastically save money each monthly mortgage payment. You could save because of a much lower rate or by cutting your payment down to just interest only payments.

Now, if you know that you are going to stay in the new home loan for over 10-15 years. Then normally a standard 15, 20, 30 or even a 40 mortgage would be very smart to look into. Since your goal will be to pay-off your home, these types of loans can help you do just that!!

do you also suggest a Bi-weekly payments to help reduce costs of interest over the 15 and 30 year loans?

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(Thanks, "San Diego" I did forget to mention that.)

As long as a person can make those payments, it can save ruffly around 7 years of interest payments, for a 30yr loan. Some people don't like that they have to make two payments, so it's not for everyone!
Some, NOT all lenders charge a set-up fee when you start. It normally is around $200.00 which isn't much, in my mind it's worth it.

Every lender is different, so make sure to ask your Loan Officer about "Bi-weekly Payments".

Normally right after you fund your loan (about 2 weeks), you'll get a "welcome packet" from the lender who funded your loan. With that you decide how to make your monthly payment.

Some Paymeny options are:
1.) Monthly Statement
2.) Monthly Coupon
3.) Automactic Withdraw
4.) Bi-Monthly payments
5.) Some even offer: Automactic Bi-Monthly Withdraw
To just name a few.

(every lender is different, I can't say that enough, so you will have to ask your Loan Officer for more details)