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Mortgage Terms

The mortgage term is the length of your loan. Traditionally the most common term has been 30 years, but this number can vary anywhere from 10 to 30 years. Shorter loans usually have a lower interest rate, but they will always have a higher monthly payment since you are paying off the loan faster. A longer mortgage term means a lower monthly payment, but you will end up paying more interest over the life of the loan.

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