What is the average term of a US house mortgage?

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  • 1 decade ago
    Favorite Answer

    30 years is pretty typical, with 15 years, 40 years and many others becoming more and more popular.

  • ramman
    Lv 4
    1 decade ago

    Most folks go for a 30 year mortgage, however, in some areas with extremely high prices, there are 40 year mortgages available.

    Although, when you consider how many times people refinance, I would say that it's more like a life sentence.

    Source(s): www.bestrealtorohio.com
  • Anonymous
    1 decade ago

    Most mortgages are 20-30 years, but there is an aweful lot of refinancing going on these days and banks are realizing that they're losing money.

    Many banks are beginning to offer penalties for making extra principle payments or paying off the mortgage early.

  • 1 decade ago

    To quote a mortgage broker: "There is a different loan for a different need." In other words, the type of mortgage you get depends on your individual situation. A good lender will get a sense of your needs from your credit report, your assets, and your employment history. He can then recommend some options for you. Here's a rundown on the most common loan types.

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  • Anonymous
    1 decade ago

    average term 30 years

    average term borrowers keep them, 7 years

  • 1 decade ago

    It used to be 30 yrs., but now there are so many types of financing, you can get many different loan lengths. I would call a lender & ask them.

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