What is a 30-year fixed-rate mortgage?, you pay off your loan over 30 years, and your rate remains the same the entire time.
The good news is that you'll pay less each month on a 30-year term than on a shorter term, because you're spreading your payments out over the years., you'll pay down your loan over 15 years and pay the same rate for the entire life of the loan. It isn't very common to get a 10-year term on an initial mortgage, but you might refinance into a 10-year term.An adjustable-rate mortgage keeps your rate stays the same for the first few years, then changes it periodically.
, you should still ask your lender about what your individual rates would be if you chose a fixed-rate versus adjustable-rate mortgage.Fixed mortgage rates are at all-time lows right now, so it could be a good time to lock in a low rate.