What are the typical term lengths for home mortgages?
The typical terms for home mortgages are 15, 20, 30, and 40 years. In some high priced areas of the country, 50 year mortgage loans are now coming on the scene. Remember that the shorter the term of the mortgage, the lower the interest rates. Necessarily, this also means a larger monthly payment. The most common mortgage term for a purchase home mortgage is 30 years.
