What is the recommended length for a Provident mortgage?

As of September 2015, Provident Funding offers mortgages for 30 years or 15 years, according to its website. These are often fixed-rate mortgages, which means the interest rate never varies during the repayment period. Therefore, the monthly payments do not change over the course of the loan.

Provident also offers a 30-year adjustable rate mortgage with a 5/1 format, the company states. In this case, the interest rate remains the same for the first five years of the loan. After this period, Provident adjusts the interest rate annually. During this 25-year term, mortgage payments fluctuate up or down according to the new interest rates.