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    t takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would
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    Basics

    The original loan offered by most lenders was a loan with a 30 year term. This loan was usually also fixed for 30 years.

    Mortgage loan options now include:

    loan term

    loan type

    These are two very different mortgage factors that you will need to understand.

    Loan Terms

    The term of a mortgage is the length of the loan. The longer a loan's term is the lower the monthly payment will be. Obviously it takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would

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    so fixed for 30 years.

    Mortgage loan options now include:

    loan term

    loan type

    These are two very different mortgage factors that you will need to understand.

    Loan Terms

    The term of a mortgage is the length of the loan. The longer a loan's term is the lower the monthly payment will be. Obviously it takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would

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    two very different mortgage factors that you will need to understand.

    Loan Terms

    The term of a mortgage is the length of the loan. The longer a loan's term is the lower the monthly payment will be. Obviously it takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would

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    tgage is the length of the loan. The longer a loan's term is the lower the monthly payment will be. Obviously it takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would
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    t takes longer to pay off a loan with a longer term so you end up paying more interest over time than you would with a shorter term mortgage.

    Loan terms can be for many years, including:

    • 15 years
    • 30 years
    • 40 years
    • 45 years
    • 50 years
    Some lenders also offer loan terms with other lengths.

    So far the longest available mortgage loan term is for 50 years.

    Loan Type

    The loan type is the actual terms of the loan. These terms include:

    • how long the interest rate on th

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