When it comes to the length of your Mortgage, there is a fair amount of flexibility regarding term lengths, depending on which company you go with. By and large, 30-year terms and 15-year terms remain perennial favorites.
But which mortgage term is the right one for you and your household? Well, that depends on your situation and financial goals.
One of the most appealing aspects of a longer-term mortgage is that monthly payments tend to be lower, which makes it a more affordable option for many households.
“30-year mortgages are much more popular as the term is longer and the payment lower,” says Melissa Cohn, Executive Mortgage Banker at William Raveis Mortgage. “With real estate so expensive these days, affording a home is an issue with many, and the 30-year makes homeownership much more accessible.”
But of course, there are pros and cons to both options. To help you make the right decision for which mortgage option works for you, we asked real estate and mortgage experts about what you should keep in mind.