You can choose terms from 10-year, 15-year, 20-year, or the most commonly used, 30-year terms when you apply for a mortgage and a rate.
You can choose terms from 10-year, 15-year, 20-year, or the most commonly used, 30-year terms when you apply for a mortgage and a rate. A fixed-rate mortgage means you pay the same amount of interest and principal every month for the life of the loan. An adjustable-rate (or ARM) mortgage is tied to an index. It starts with one interest rate, which may rise over time, along with your mortgage payment.