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 TestimonialsBill has been fantastic each time we've worked with him, whether it was applying for our first mortgage or the 2 times we refinanced when we were eligible and better rates were available. He was pro active in finding the good rates, thorough and informative about what would be needed and answered all questions completely and promptly. I would recommend him to everyone and anyone in earshot that is looking for a mortgage or looking to refinance. My experience working with him made me wonder where all the mortgage process horror stories came from in the first place because I experienced nothing of the sort. Thanks for the terrific service!- Neil and Katherine