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Buying: Choosing Best Loan For You

What is the 'best' loan for me? There isn't a simple answer to this question. The right type of mortgage for you depends on many different factors:

  • Your current financial situation
  • Your future projected income
  • 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 will increase when the interest rate adjusts upward and you may not know what the final increase may be as it is usually based on the prime rate + at the time of the adjustment..

The best way to find the "right" answer for you is to discuss your finances, your plans, financial prospects, and your preferences frankly with a mortgage professional.

Click here to get in touch with a morgage specialist.