Which type of mortgage is typically considered to be a long-term loan, spanning ten years or more?

A permanent loan is typically considered a long-term mortgage, as it is designed to provide financing for an extended period, usually spanning ten years or more. These loans are often used for purchasing a home or refinancing existing debt, featuring stable or fixed interest rates that make budgeting easier for homeowners over time. They provide the borrower with a predictable payment structure, which can include fixed monthly payments over the life of the loan.

In contrast, a construction loan is temporary and meant to finance the building of a home, often lasting only until the construction is completed. An adjustable-rate mortgage begins with a fixed rate for a certain period and then adjusts periodically, which may not classify it as a long-term loan in the same consistent way as a permanent loan does. A bridge loan also serves as a short-term solution, helping borrowers transition between properties by covering the gap when they purchase a new property before selling their current one. Thus, the distinct characteristic of a permanent loan is its long-term structure, making it the correct answer in this context.