kind of loan program is best for you?
So what kind of
mortgage is best for you? Fixed rate?
Adjustable rate? Government loans? The
truth is, there is no one correct
answer. Given the many different types
of loans and term lengths, the choice
can be difficult. It is an extremely
important choice and you can
definitely benefit from research
before you make your decision. Some
time and effort right now can save you
thousands of dollars in the long run.
Your personal situation will determine
the best kind of loan for you. By
asking yourself a few questions, you
can help narrow your search among the
many options available and discover
which loan suits you best:
Do you expect
your finances to change over the
next few years?
Are you planning
to live in this home for a long
period of time?
comfortable with the idea of a
changing mortgage payment amount?
Do you wish to be
free of mortgage debt as your
children approach college age or
as you prepare for retirement?
Your lender can help
you use your answers to questions such
as these to decide which loan best
fits your needs. Below is a general
guideline that may be useful to
consider when selecting the mortgage
for your home:
plan to stay in your home
Plan to Consider
3/1 ARM or 1-year ARM
10/1 ARM or 30-year fixed
30-year fixed or 15-year fixed