What’s the best term for a mortgage?

As you review your mortgage options, one basic question is: Do you want the lowest monthly payment, or is it your goal to own your home as quickly as possible?

Our most popular 30-year and 15-year fixed rate mortgages, for example, both have advantages You’ll pay less each month with a 30-year term. On the other hand, a 15-year mortgage can reduce your interest costs by more than half over the life of the loan.

Why you might prefer a 30-year term

You can only afford a lower monthly payment
You’re younger and expect to earn income over the entire term
You can maximize your mortgage interest tax deduction

Why you might prefer a 15-year term

You’ll own your home free and clear sooner
You want to pay off your home before retiring or sending children to college
You’ll pay less interest over the life of the mortgage

You can try our mortgage and loan calculators to compare terms for fixed and adjustable rate mortgages. Talk to a loan professional at North Shore Bank to discuss the terms that fit you best. We can help make your choices clear.

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What’s the best term for a mortgage?

FAQs

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What’s the best term for a mortgage?

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Are there other products at North Shore Bank that can enhance my mortgage?

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