Long-Term Loan

A long-term loan is considered mature in 10 years or more and the loan rates are typically lower in comparison to short-term rates. Monthly payments are also lower because they are spread out over a longer period of time. A long-term loan will likely be used for a larger amount of debt, and as a result require a longer period for repayment.

There are benefits to both short and long-term loans. Determining which option is right for you will depend on your budget and financial goals. Use our Rate and Payment Calculator to see how changing the term of your home loan can affect your monthly mortgage payment.

Our Mortgage Bankers are dedicated to helping you find the loan program that fits your needs. Call (800) 251-9080 to talk with a Quicken Loans Home Loan Expert today.

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