10 Year Fixed Rate Mortgage

A 10 year mortgage is not as popular as the 30-year or the 15-year mortgage, but is offered by most lenders. Generally, the shorter the term, the lower the interest rate. A low interest rate translates to significant savings over the loan's term. Some homeowners prepay their mortgage so that it can be paid off sooner than thirty years. If the homeowner plans to live in the home for less than five years or so, an adjustable rate mortgage would be the best option.