How to Pick a Mortgage Loan Term: Tips For Picking a Mortgage Loan Term How do you know which mortgage loan term to choose? The length of your mortgage obviously will have a significant financial impact on your monthly expenditures. If you are like most people, you probably assume that mortgages are available in two flavors—30-year and 15-year terms. These are the most popular options, which explain why buyers and owners who want to refinance assume that they are the only two options out there. But when you start talking to lenders, you will discover that you can get a mortgage for a wide variety of terms.
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