- 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.
Please investigate
the Loan Program categories but remember that the best
way to find the "right" answer is to discuss
your finances, your plans and financial prospects, and
your preferences openly with a mortgage professional.
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