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.
