One of the most important parts of taking on a mortgage to buy a house is making sure the terms of the loan best suit your financial needs. Not only does this involve securing the lowest interest rate possible, it also means choosing the right mortgage term.
The mortgage term tells you how much time you have to repay your loan in full. The two most common home loan terms borrowers typically find themselves having to pick between are 15-year and 30-year mortgages, though some lenders will let you take on terms as low as eight or 10 years.
These 15-year and 30-year mortgages each come with their own advantages and disadvantages, so it’s important to make the choice that’s best for your financial goals.
