Do I get to choose my home loan term?

When it comes to your run of the mill Conventional Home Loan (that is, the ones not insured by the government), you do get to choose your term. The most common options are 15, 20, or 30 years.

A long term means a lower monthly payment but you’ll pay a bunch more in interest. Of course, short terms mean the opposite. You’ll save on interest but your monthly payment might stretch your budget a bit thin.

For FHA loans and VA loans, your choice of terms might depend on your particular financial situation. Just ask us and we’ll guide you in the right direction!