re: 15 or 30 year loan for a home? Pros and Cons?

Go with the 30, even is you have the ability to retire the debt early.
The 30 gives you the option to make minimal payments (30 year ammortization schedule coupons submitted to you upon securing the loan) in case unexpected financial emergency arises like losing your job, poor health, kids braces, loss of spouse, etc.
The interest you pay is deductible interest on your taxes.
30 makes much more sense in your situation.