Traditional fixed rate mortgage? Graduated-payment mortgage? Adjustable rate mortgage? FHA mortgage? Two-step mortgage?
You are wondering which kind of mortgage is best. The answer: There is no one correct answer. Deciding which type of mortgage will best fulfill your needs can be difficult. There are so many types of loans and different term lengths. Your choice is extremely important and can take some time and effort to research. While often neglected by homebuyers, a little research before choosing your mortgage can save you thousands of dollars in the long run.
There are several elements of a loan that should be analyzed. While one of these elements may suggest one type of loan, another may call for a different type. You must weigh each ingredient separately and collectively. You will find that your answers to the questions below will ultimately determine the type of mortgage that best fit your needs.
Choosing a Lender
In addition to choosing a type of loan, you must also consider which lender to use. Once again, several factors of a loan will influence your decision.
We sincerely hope these tips and ideas will be of value to you. The types of loans mentioned above are only a few of the multitude of loan types available. If we may be of any further service please contact our office. We would consider it a privilege to be of service to you! If you would like a free consultation call our office at 860-892-2595.