Choosing
A Mortgage Program
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.
