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There isn't a single or simple answer to this question. The right
type of mortgage for you depends on many different factors:
- Your
current financial picture.
- How
you expect your finances to change.
- How
long you intend to keep your house.
- How
comfortable you are with your mortgage payment changing.
For example, a 15-year fixed-rate mortgage can save you many
thousands of dollars in interest payments over the life of the loan, but your
monthly payments will be higher. An adjustable rate mortgage may get you started
with a lower monthly payment than a fixed-rate mortgage -- but your payments
could get higher when the interest rate changes.
The best way to find the "right" answer is to discuss
your finances, your plans and financial prospects, and your preferences frankly
with a mortgage professional.
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