There are many factors to take into account when choosing a term length. If paying your mortgage places you on the edge of your financial comfort zone, your best choice is a longer-term mortgage so you can continue to afford payments if rates increase.
If you are shopping for an investment property, you should also consider a longer term. This will keep payments steady for a long time and allow you to accurately project your future income from the property.
It can be difficult to choose the mortgage that’s right for you. By understanding your personal situation and risk tolerance, a mortgage professional can help you make the right decision and save you money over the length of your mortgage.