The choice of the best mortgage financing depends on individual factors. The first question to answer is what type of person you are. The more security conscious the borrower, the more advisable a fixed-rate mortgage with a long term. There are also good reasons for opting for a SA...
But there are still those who want the mortgage gone as quickly as possible. If that’s you, the shortest term might be the best, especially if you get a lower mortgage rate as a result. Just be mindful of the steep payment increase. With a longermortgage term, you still have the opt...
To determine the best type of mortgage for you, it's important to first understand how each one works. Fixed-rate mortgages A fixed-rate mortgage may be the most well-known type of mortgage. As the name suggests, the interest rate you lock in upon approval stays fixed over the life of...
Do mortgage brokers get better rates? It's possible that an independent mortgage broker could find you better interest rates for your circumstance than you’d get directly from a mortgage lender, purely due to the range of deals available to them. However, they may also be able to advise yo...
Buchta, Jim
By understanding the different types of mortgage loans, you can choose the best mortgage for your individual budget and needs. 1. Conventional loans A conventional mortgage loan is not part of any government program. It’s one of the most common types of mortgage, accounting for nearly 74% of...
Find the best mortgage deals and the cheapest mortgage rates that match your needs. Find which mortgage lender will give you the best deal.
If you are buying your first home, but plan to move or upgrade to a better home as you start a family, an adjustable-rate mortgage might be the best option short-term. And the money saved during those few years can be used for a down payment on the next home. Additionally, the lowe...
Whether it be with a home equity line of credit (HELOC), home equity loan or reverse mortgage, your home may offer you the best option for accessing a large amount of money at an inexpensive cost. But home equity loans and reverse mortgages, in particular, have pros and cons for ...
Your mortgage rate will play a key role in what type of mortgage you may get. The first step in deciding whether a fixed-rate mortgage or an ARM is the best choice in today’s market is to get information from severallenders. Find out what rate you qualify for and what loan ter...