Is a longer-term or shorter-term mortgage better?
Legitimate arguments can be made for both short-term and long-term mortgages, depending on the goals of the homebuyer. Usually, mortgages terms less than 30 years are considered short-term and can help you build equity in your home faster and reduce the total amount of interest you will pay. Long-term mortgages are usually for 30-40 years and will help reduce your monthly payments. However, you will end up paying more interest expense over the life of the loan. Stop renting and settle down by buying a home.
