 With
a fixed rate mortgage you have one level payment over the term of
the loan. Fixed rate mortgages generally have terms up to 30 years.
A shorter-term loan may be most beneficial to homeowners
who have sufficient income to support a higher monthly payment and
want the advantage of lower overall interest expense. A shorter
term also allows you to accumulate equity in your home faster.
A longer-term mortgage would provide lower monthly
payments, affording you more purchasing power, and the ability to
qualify for a higher mortgage amount.
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