Short-term vs long-term mortgages

Short-term Mortgage

A short-term mortgage generally has a term length of two years or less. This type of mortgage might be right for you if you think interest rates might decrease by the end of your term.

 

Long-term Mortgage

A long-term mortgage has a term length of three years or more. A long-term mortgage might be right for you if you think interest rates are at a reasonable level and you want the security of budgeting your payments over a longer period of time.