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Core Viewpoint - The choice of mortgage term is a critical financial decision for homebuyers, particularly in the context of high property prices, with options typically being 20 or 30 years, each having its own advantages and disadvantages [1]. Group 1: Factors Affecting Mortgage Approval - Age Limitations: The total of the borrower's age and the loan term usually cannot exceed the legal retirement age, making younger individuals more likely to secure a 30-year loan [3]. - Income Level: Banks assess the household's income to ensure that mortgage payments do not exceed 50% of total income, with higher and more stable incomes increasing the likelihood of obtaining a 30-year loan [5]. - Property Age: Purchasing older properties (over 20 years) may lead banks to limit the loan term or deny the application altogether [5]. Group 2: Pros and Cons of Longer Loan Terms - Many believe that a 30-year mortgage significantly reduces monthly repayment pressure, allowing for more funds to be allocated to investments and daily expenses [7]. - However, banking professionals highlight that while 30-year loans lower monthly payments, the total interest paid is substantially higher compared to 10 or 20-year loans, effectively costing borrowers more in the long run [7]. - For instance, on a loan of 1 million yuan, the interest for a 10-year term is approximately 325,000 yuan, for a 20-year term it is about 703,000 yuan, and for a 30-year term, it skyrockets to 1,130,000 yuan, meaning the interest paid exceeds the principal [7]. Group 3: Tailoring Mortgage Choices to Individual Circumstances - There is no absolute best choice for mortgage terms; it should be based on individual financial situations [9]. - For younger couples with stable incomes but limited savings, a 30-year mortgage may be a wise choice to alleviate initial financial pressure [9]. - Conversely, middle-aged couples with higher incomes and savings might prefer a 15-20 year term to mitigate future financial risks and reduce total interest payments [9].