Maybe from a Credit Union or other smaller bank, but not a big-box bank.
why the lack of flexibility?
There is a huge secondary market for mortgages through the MBS (Mortgage-backed Security) market.
This market consists of millions of mortgages that have sold by banks to other institutions, that package thousands of them together into "bonds" that are then bought by investors.
The characteristics of the bonds inside are summarized by tenor, credit rating, etc.
so investors know what they're paying for.
Throwing 23-year mortgages into the mix would disrupt the models that investors use, making the bonds less marketable.
Since the overhead for making a "custom" mortgage would be relatively high, they just don't offer it to the public.
It's not worth their time.
A small local bank or credit union, however, might be more willing to accommodate custom needs (or come up with an alternative).
However, I would not expect that you'd pay an "interpolated" rate.
You may end up just paying the 30-year rate with a custom payment amount.
Just get a 30-year mortgage and make extra payments to pay it off early.
Or get a 15-year loan, pay less interest and pay it off even earlier!
money.stackexchange.com/users/5363/D Stanley
My credit union offers 10, 15, 20 and 30 year mortgages.
So there are ones available besides 15 and 30 years.
The issue for the banks and credit unions is that if they let a customer pick their duration the correct setting of interest rates becomes more complex.
The ones with non-standard duration's may also be harder to sell to investors.
One approach you can take is to get a 30 year mortgage, but then pay it off as if it was a 23 year mortgage.
You can use a spreadsheet or online mortgage calculator to determine the monthly payment to get it paid off in 23 years.
money.stackexchange.com/users/5414/mhoran_psprep
I've worked for a few mortgage banks and they'd all be happy to give you a 23 year mortgage.
Googling "custom mortgage term" returns pages from several other mortgage banks that offer the same.
I'd wager that just about any large player in the mortgage market would be able to give you a custom term.
It's not a hugely popular feature, though, because you're not likely to end up with a rate below the 30 year rate and you'd get the same result with a 30 year mortgage that you simply prepay a bit each month.
Particularly when you're looking for slightly non-standard terms, I'd suggest talking to a local mortgage broker that can get you quotes from a number of different mortgage banks so that you can more easily compare the various custom term programs.
money.stackexchange.com/users/73607/Justin Cave
Is it possible to get a mortgage in the US that is for a different duration?
Yes, 15 and 30 year fixed rate mortgages are the most popular, but they are not the only options.
Many banks also offer 20-year and 10-year fixed rate mortgages.
There are also a host of hybrid loan options (7/1, 5/1, 3/1 ARM).
40-year mortgages have all but vanished, but you might still be able to get one.
Say I have 23 years until I plan to retire, can I get a 23-year mortgage that would fit nicely into that timeframe?
Yes, while your local bank/credit union may not offer/advertise a custom length mortgage, you can certainly get one.
Companies like Quicken Loans advertise custom lengths (I think minimum 8-years).
The most popular mortgage lengths have varied over time.
I've heard that the 20-year is gaining ground but haven't found good data to support the claim.
money.stackexchange.com/users/52448/Hart CO
There is little need, as you can always overpay or payoff early.
Basically, if you want a 23 year mortgage, you take a 30 year, and simply overpay each month a bit, and after 23 years it happens to be paid off.
The exact amount is not basic math but not too difficult either to calculate, the web is full of calculators.
You also have the extra advantage that you can skip the overpayment at any given time (if there is an emergency), or increase it if you have more money.
If you would have a fixed 23 year mortgage, you must pay (at least) the agreed amount every month.
money.stackexchange.com/users/35405/Aganju
I live in the US and it seems that mortgages rates here are always quoted for either 15 or 30 years. Is it possible to get a mortgage in the US that is for a different duration? Say I have 23 years until I plan to retire, can I get a 23-year mortgage that would fit nicely into that timeframe?  If not, why the lack of flexibility?
Is it possible to get a mortgage with a custom duration in the US?
money.stackexchange.com
<united-states><mortgage>
money.stackexchange.com/questions/110230
money.stackexchange.com/users/87052/Time4Tea
You might be able to do this with a smaller bank. This would count as a custom mortgage which would cost more for the bank to offer. The overheads for making a "custom" mortgage would be relatively high, so they are not offered to the public. A Credit Union or smaller bank might be worth approaching. Another approach is to take a 30 year mortgage, but then pay it off as if it was a 23 year mortgage by overpaying each month.
The overheads for making a "custom" mortgage would be relatively high, so they are not offered to the public. A Credit Union or smaller bank might be worth approaching. Another approach is to take a 30 year mortgage, but then pay it off as if it was a 23 year mortgage by overpaying each month.