Term length is the amount of time you have to repay your mortgage and along with the mortgage rate it determines how much your monthly payment will be. The most common term lengths are between 15 and 30 years, and each type of term length has its advantages. If you need the lowest possible monthly payment then you should choose a longer term length. If your goal is to build equity in your home as quickly as possible then choosing the shortest possible term length will make the most sense.
If you have any questions about which term length makes the most sense for you I can be reached anytime at 207-590-0337 or firstname.lastname@example.org.