A4HB Homebuyer's Blog The Loan Term

The Loan Term We begin with loan term because it is the simplest of the three factors. The “term” of the loan is the time between when the loan is made and when the loan would be paid off if you made the monthly payments in the appropriate amount and at the appropriate time. The most common terms for mortgage loans in the U.S. are 30 and 15 years, but any term is possible in principle. What Loan Term is Right for Me? From the Buyers point of view, choosing a loan term revolves around three factors: Affordability Most first

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