What home loan term should I choose?

The TERM of a home loan is the number of years you will take to pay off the entire loan.

ME's head of home loans Patrick Nolan said: “the shorter the loan term means your repayments will be higher.

“But you pay less interest over the life of the loan.”

Most home loan terms are 30 years but some stretch out to 40 years.

Nolan said borrowers should try not to sign up to a mortgage any longer than three decades.

Source: Courier Mail

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