Which Term is Right For You

Which Term is Right For You

This will depend mostly on what you can afford in monthly payments. You may not be able to qualify for a

10-15 year loan because the payments would be too high. A 30-40 year fixed rate mortgage can be a good investment when rates are low if you plan to live in your new house for many years and want to keep housing costs down.

However, you will save tens of thousands of dollars by opting for a shorter term if you can afford slightly higher monthly payments. You might also want to finish paying off your mortgage before your children go to college, or before you reach retirement.

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