Although 30-year fixed-rate mortgages are the most common type of loan, you might want to explore other options, such as: 15-year fixed-rate loan: A 15-year mortgage is similar to a 30-year loan, but you’ll repay it over 15 years instead of 30. That means you’ll have higher monthly payments, but there’s a tradeoff: You’ll get a lower rate, and pay your loan off sooner. 10-year or 20-year loan: Some borrowers opt for a 10-year or 20-year mortgage, repaid over 10 years or 20 years, respectively. This might be an option if you’re refinancing mid-way or more through the term of your first mortgage. Flexible-term loan: Many lenders offer conventional loans in terms between eight years and 29 years. You might want to go this route if you want more flexibility with your loan structure. 5/1 adjustable-rate mortgage (ARM): Most 5/1 ARMs come with 30-year terms, but you’ll pay a lower fixed introductory rate for the first five years. After that, your rate will increase or decrease once a year based on prevailing market rates. While you’ll save money initially, a 5/1 ARM makes sense only if you know you’ll move within five years, or have a plan to refinance to another loan before the first rate reset. Otherwise, you’ll need to prepare for unpredictable monthly payments. Learn more: Types of mortgage loans