Mortgage term
Mortgages & secured lendingThe length of time you have to repay your mortgage.
Overview
Longer terms lower monthly payments but increase total interest.
Shorter terms cost more each month but reduce overall cost.
Why it matters
- It affects affordability and budgeting.
- It changes the total cost of the mortgage.
- It can influence lender decisions.
FAQs
What is a typical mortgage term?
Terms often range from 25 to 35 years, but it varies by lender.
Can I change my mortgage term?
Sometimes, but it depends on your lender and affordability.
Related terms
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