Choosing a mortgage is one of the most stressful things about buying a home. With interest rates on the rise, many wonder whether a 30-year mortgage is really their best option, especially when lower rates are available on shorter-term 15-year mortgages.

In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at when a 30-year mortgage might make the most sense. Dan notes that 30-year mortgages give you maximum flexibility, retaining the right to make larger payments when you can while not having to make big payments when you can't. With Wells Fargo (WFC 1.35%), Bank of America (BAC -0.27%), and other lenders imposing tougher lending guidelines than before the financial crisis, a 30-year mortgage might maximize your chances of getting approved. In addition, Dan notes that having a longer-term mortgages frees up more investment money for use in IRAs or 401(k) retirement accounts, where you might actually earn better returns than you'd get from paying your mortgage back early.