Mortgage Term
Your mortgage term is the amount of time your mortgage contract is in effect. Most mortgage terms are between 6 months and 5 years, however some lenders may offer longer terms. At the end of your mortgage term, you may renegotiate your interest rate and term. Choosing your mortgage term depends on how you feel about the idea that interest rates might go up. A shorter term is good if you think interest rates will be low when it comes time to renegotiate your mortgage. A longer term is good if you think interest rates are going to go up and you want to take advantage of today’s lower rates over a longer period of time.
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