A 15-year loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. In a 30-year loan, more interest is paid off than principal for the first 23 years, meaning larger tax deductions. As inflation and costs of living increase, mortgage payments become a smaller part of overall expenses.
Be sure your contractor has the required personal liability, property damage and worker’s compensation insurance for his/her workers and subcontractors. Check with your insurance company to find out if you are covered for any injury or damage that might occur.