What are the advantages to a 10 year fixed mortgage?
Obviously the primary advantages are that you get to keep more of your hard earned money rather than paying it out to the bank in interest. But the less tangible benefits are the peace of mind that comes from knowing that you will have your home paid off in a fraction of the time.
Once your home is paid off you are free to make life choices such as opening your own business, joining a start-up, volunteering for charity, a spouse being able to stay home with children or aging parents or even retiring early. Simply put, having a home that is paid off sooner rather than later allows you freedom to make lifestyle choices you otherwise might not have been able to with a mortgage payment.