Tantal, I believe you are very wise. The same thoughts are occupying my mind these days. And you are right about the 15 yr. loan -- hands down, you pay less due to the half point lower rate. My dilemma is if we get deflation, owning property with a mortgage that has to be paid with more valuable dollars is not good; if we get inflation, you don't want to be holding cash, so real property ownership is good and the mortgage is paid off with cheaper dollars.
The question is, which will it be?
Newly