What type of loan program is best for me?
The many different types of home loans available can seem overwhelming. Should you choose a Conventional loan, FHA loan or sometime else entirely? The truth is there is no right answer. Choosing a loan type is an important decision that is best made after you have been made aware of your options. Remember, taking the time to explore your options now can mean saving thousands of dollars in the long run.
Ask yourself the following questions to determine what loan type is right for you:
- Do you expect your financial situation to change over the next few years?
- How long do you plan to live in your home?
- Do you feel comfortable with the idea of a changing mortgage amount?
- Do you want to be free of mortgage debt by the time your children go to college or you retire?
A Mortgage Broker is the best resource available to help you decide which loan best fits your needs. Follow the 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||3/1 ARM or 1-year ARM|
|7-10||10/1 ARM or 30-year fixed|
|10+||30-year fixed or 15-year fixed|