Nail the Right Term Length First …
Finding a good mortgage rate online is a cinch. Anyone who has ever looked for rate comparison sites knows the Internet is packed with them.
But determining the best mortgage term – the length of the mortgage contract – is trickier because up-to-date term comparisons are hard to find.
Although mortgage terms are often overshadowed by the intense focus on mortgage rates, it pays to put a lot of thought into term selection. It’s the No. 1 factor in determining how much interest you’ll fork over to a lender.
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