With this super-simple breakdown of loan types, you won’t get overwhelmed you’ll find the right mortgage.
When it comes to buying a house, most people know what they prefer: a bungalow or a condo, a hot neighborhood, or a sleepy street.
Mortgages, too, come in many styles, and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.
First things first: To pick the best loan for your situation, you need to know what your situation is, exactly. Will you be staying in this home for years? Decades? Are you feeling financially comfortable? Are you anxious about changing loan rates? Consider these questions and your answers before you start talking to lenders. (And before you choose a lender, read this.)
Mortgages Are Fixed-Rate or Adjustable, and One Type Is Better for You
Let’s start with the most common type of mortgage, the workhorse of home loans the fixed-rate mortgage.
Source: houselogic.com
