The most popular term is 5 years, and lenders often offer the best deal on those. If rates are generally low, consider locking that in for 5 years instead of taking a 2 or 3 year term that’s only slightly lower. If you think you might sell your house in 2 or 3 years, a variable rate term may be the best option as your early-payout penalty is usually lower than on a fixed-rate term.