Should I get a 25-year or 30-year term loan?

This depends on how much you want to stretch your budget. If you can afford the higher monthly payments, a 25-year mortgage usually comes with a better interest rate than a 30-year version. Not only will you pay off the house quicker, but you can save a tremendous amount of interest. On the other hand, a 30-year mortgage will cost less per month, allowing you to afford a bigger or nicer house, or one in a better location.