Final answer:
A 15-year mortgage offers the benefits of paying less interest over the loan's life, building equity faster, and a shorter path to full homeownership; however, it does not offer the benefit of lower monthly payments.
Step-by-step explanation:
A 15-year mortgage can benefit borrowers in several ways, but it does not benefit with lower monthly payments. The main benefits of a 15-year mortgage include paying less interest over the life of the loan, building equity faster, and realizing full homeownership in a shorter time. However, because the loan is spread over a shorter period, the monthly payments tend to be higher compared to a 30-year mortgage, not lower.
Homeownership provides the opportunity to build equity over time as you make improvements and consistent mortgage payments. Additionally, owning a home can lead to potential tax deductions on mortgage interest and help in establishing a solid credit score. It's significant to consider these advantages when analyzing the terms of a mortgage.