How to choose the right mortgage term
Mortgage terms vary so that you can take advantages of opportunities that align with your current financial circumstances.
There are advantages to both short- and long-term commitments.
|Short||Shorter terms typically have lower rates.|
You have the option to renew your mortgage more often, taking advantage if interest rates decline.
|You could find yourself having to renew your mortgage at a higher rate if interest rates increase.|
Short-term mortgages are advantageous if you foresee the opportunity to pay off your entire balance in the near future.
|Long||Longer terms provide predictability and stability.||Committing to an interest rate for a long period of time may make it more difficult for you to obtain a lower rate if rates drop over time.|