The many different types of home loans available can seem overwhelming. Should you choose a fixed rate, adjustable rate or government loan mortgage? The truth is there is no right answer. Choosing a loan is an important decision that is best made after you have researched your options. Remember, taking the time to explore your options now can mean saving thousands of dollars in the long run. We help you review your options to help determine best option.
Ask yourself the following questions to determine what loan type is right for you:
A professional is the best resource to help you decide which loan best fits your short term and long term goals/needs. General guidelines outlined below to get started selecting the best mortgage for your home.
|How many years do you plan to stay in your home?||Plan(s) to Consider|
|1-3||5/1 ARM (first 5 years fixed, then adjusts to index + margin)|
|3-5||5/1 ARM (first 5 years fixed, then adjusts to index + margin)|
|5-7||7/1 ARM (first 7 years fixed, then adjusts to index + margin)|
|7-10||Fixed Rate or 7/1 ARM or 10/1 ARM|