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More people are choosing 15-year fixed-rate mortgages as opposed to 20 or 30-year loans.

A recent study shows that between January and June, 26% of homeowners who refinanced chose the 15-year loan plan. In 2009, only 18.5% of borrowers who refinanced opted for the shorter plan.

The 15-year mortgage has a lower interest rate than a longer plan, but also requires higher monthly payments.

Mortgage experts generally say that re-financing is a good idea if you plan to stay in the home for at least four years, but make sure you understand the terms of the loan.

Terry Graham of Mann Mortgage in Great Falls said, "I have put people into 15-year loans and they found out they couldn't afford it. If someone has a very stable income and their income is not going to change, they are not going to have any undue expenses come up, then its all right to go in a 15. If not, stay in a 30 year and pay more over time, and you can pay it down quicker too."

Graham tells us that interest rates started dropping in 2007 and 2008, and now more people have been re-financing to take advantage of the savings.

Most 15-year loans have an interest rate of about 3.86%, while 30-year loans are more than 4%.

The difference may sound small, but when factored into the huge price of a home and extended over 15 or 30 years, that tiny difference can make a big difference.