Match the mortgage term to your working years
When a bank sets the longest term it can offer, it usually considers your age at the end of the mortgage alongside your income. Within that limit, the choice is yours. A longer term lowers the monthly payment but usually increases the total you pay over the life of the loan. A shorter term raises the monthly figure and usually reduces the total. Neither option is right for everyone. Ask the bank for two repayment schedules on the same home, one with a longer term and one shorter, and compare the monthly payment with the total repaid. Then place each sche

