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.
See More TestimonialsNellie Jean Doughty, handled our loan from start to finish, excellent is the word to use, she actually went above and beyond what I felt a professional does. Every step of the loan process she made us feel comfortable, easy, relaxed that our loan was the only loan and every question was attended by her. I recommend that if you are looking for a loan please call Nellie to handle you biggest investment you will not go wrong.- Peter