Mortgage Term Guide

Choosing between long term and short term mortgages

The loan terms most often chosen are 15-Year or 30-Year fixed mortgages.
Which is the best loan term for you? Consider the advantages and disadvantages below.

Advantage of the 15-year mortgage:

The amount of interest paid over the life of the mortgage will be lower.

Disadvantage of the 15-year mortgage: Your monthly payments will be higher.

Advantage of the 30-year mortgage: Monthly payments are lower compared to the shorter 15 Year term.

Disadvantage of the 30-year mortgage: You will pay more interest over the life of the loan.

Advice: To determine which type of mortgage is best for you, there are a variety of factors to consider. To get help click here, choose calculators and see. Finally fill out the loan request application to get more advise on which term is best for you.

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