Fixed Rate Mortgages
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?
Do you plan to live in your current home for a long time?
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 professional lender 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|