How Long Should the Term of my Mortgage Be?

Many times the banks will get you to take out a longer term mortgage than you really require. Trusting their advice is not necessarily the best way to go. To them, a longer term loan means a higher interest rate and longer benefit. They don’t receive interest as fast as they would with a short term mortgage with a higher payment, but they do make significantly more off of you in the long run. The best thing to do for you is to find the highest payment you can afford in order to prevent paying more long term interest than is necessary.