Final answer:
The typical timeline for a buyer to arrange a new mortgage is 45 days. Longer-term mortgages, such as 15 or 30 years, can be compared using online calculators. The choice between borrowing or lending can depend on the relationship between mortgage interest rates and inflation in different years.
Step-by-step explanation:
The typical timeline for arranging a new mortgage by the buyer is commonly around 45 days. Mortgages are usually set up over longer terms, such as 15 or 30 years, and involve an assessment of the buyer's credit and loan affordability. An online calculator tool can help potential homeowners understand the differences between a 15-year and a 30-year mortgage, including pros and cons regarding the payment amounts and interest paid over the life of the loan. Determining the best years for borrowing or lending money for a mortgage can be assessed by looking at historical mortgage interest rates and rates of inflation. Generally, it would be better to be a borrower when the mortgage interest rate is below the rate of inflation and better for banks when the interest rate is above inflation.