If you track mortgage rates, you’ll often hear about 30-year and 15-year mortgages. But in reality, there are more options than just those two terms. The 20-year mortgage, for example, is a fairly common mortgage product, offering an option for borrowers needing something that’s in between. And in today’s economic landscape, it might just be a smart move for your home purchase or refinance.
At the same time, with mortgage interest rates rising in recent weeks and market uncertainty pronounced right now, borrowers will need to approach their mortgage loan options carefully, especially if they elect for a slightly unconventional approach.
We asked some experts for their thoughts on a mortgage loan term of this size. Below, we’ll detail what they have to say about 20-year mortgages and when you might want to consider one for your upcoming financing needs.
Start by seeing how low a mortgage rate you can currently qualify for here.
Is a 20-year mortgage worth it now?
Despite a dip in rates earlier this year, mortgage rates have recently reversed course, rising steadily for the last three weeks straight. The 20-year mortgage offers consumers an option for avoiding those higher rates — or at least snagging one a bit lower.
Is a 20-year mortgage worth it now? Here’s everything experts say to know.
