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by Answerbag Staff on July 20th, 2010

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How long is a mortgage offer good for?

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  • by Allison Westbrook on July 20th, 2010

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    Great Answer

    Professionally Researched. (What's this?)

    Mortgage terms dictate the amount of time it will take the buyer to pay off the loan. Many buyers choose 30-year mortgages to maintain lower monthly payment obligations. However, some home buyers may opt for terms as low as five years or as high as 40 years.

    References:

    MSN Money: 40-Year Mortgage Is a Risky Move

    Bank of America: Compare Fixed Rate Mortgages

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  • by joeonline on August 18th, 2010

    joeonline

    I would say, it depends on your status. if you've money to pay more. The longer the term, the cheaper in monthly but overall expensive. The shorter the term, the monthly is not that cheap but you can pay less compare to the longer term loan.

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  • by seniorveteran on August 2nd, 2010

    seniorveteran

    I believe that you are referring to an estimate offered by your loan officer for terms and interest rate on a loan. Interest rates can change up to several times a day. Unless the interest rate is "locked" there is no guarantee as to the interest rate. The lock can be generally good for 10 to 30 days depending on what the loan officer is offering you. The interest rate is usually higher the longer the lock is for or there is a cost to you. As for the terms they are usually good for 10 days but can vary from lender to lender. You will want to get these things clarified by your loan officer.

    If you have questions regarding mortgages or the home purchasing process go to: www.thenutshellbook.com

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