985-300-LOAN (5626)

The Weeks Team

  • The Dharma Project
  • Loan Info
    • Products
    • Process
    • Homebuyer Tools
    • Specialty Products
  • Mortgage Peace
  • About
    • Meet the Team
    • We Believe
    • As Seen On
    • Blog
  • Apply
    • Start an Application
    • Secure Document Upload
  • My Account
  • Contact Us
Friday, 05 February 2021 / Published in Mortgage

Mortgage Terms: You have more options than 15 or 30 years!

Mortgage Terms 10, 15, 20, and beyond

Timing is everything when it comes to home loans, from knowing how long you have to close in order to secure your ideal rate to understanding the differences in mortgage terms. Loan terms are easy to identify. For example, a 30-year, fixed rate mortgage has a term of 30 years. However, determining what term is best for you can be extremely difficult. 

Options For Mortgage Terms

The length of a loan is up to the lender and borrower. In fact, a loan can last any number of years. Commonly, mortgage terms are one of the following lengths, which will vary based on the type of the loan and preferences of the lender: 

  • 10 years
  • 15 years
  • 20 years
  • 25 years
  • 30 years 

The longer your home loan is, the more you will pay over the course of the loan in interest. If a low monthly payment is important, however, a longer-term may better suit your needs and give you an affordable payment. 

Whether you’re a first-time homebuyer seeking to be pre-approved for a home loan, refinancing your home, or researching to understand the home buying process, learning about the common loan terms and what you can expect to pay montly and over the life of the loan is a great first step.

What questions do you have about loan terms? Call our office at 985-300-LOAN or contact me through my website HERE.

Stay tuned to my blog for additional information and tips on securing a home loan! 

Learn more about Mortgage Terms with Stephanie’s Video here:

(Watch on YouTube)

  • Tweet
Tagged under: buying a home, loan, loan terms, Mortgage, mortgage terms, rates

Recent Posts

  • Monthly Mortgage Payment Image

    Monthly Mortgage Payments: What You Need to Know BEFORE Applying for a Loan

    When it comes to your monthly mortgage payment,...
  • House, keys, and calculator on top of paperwork

    Is Mortgage Insurance Required Regardless of Your Down Payment?

    Do you know what to expect when it comes to mor...
  • mortgage insurance image

    Mortgage Insurance: Explore Your PMI/MIP Home Loan Insurance Options

    Trying to secure a home loan? Looking to get pr...
  • Choosing the Right Lender by knowing what questions to ask image

    Choosing the Right Lender: Questions to Expect from Your Mortgage Loan Office

    Choosing the right lender can feel overwhelming...
  • Home Loan Options

    Mortgage Loan Options: What you need to know to get the RIGHT loan for YOU!

    What do you know about home loans? Whether seek...

  • Home
  • Loan Products
  • Loan Process
  • Homebuyer Tools
  • Mortgage Peace
  • Meet the Team
  • We Believe
  • Blog
  • Apply
  • Contact Us
  • Privacy Policy

Copyright © 2021 Weeks Team Inc. and its licensors. All rights reserved.

TOP

Download the App!