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There are several key factors to choosing the right loan for your lifestyle and long term goals. For example: How long will you own the property? Is your income stable, irregular, or likely to increase or change during the term of your mortgage? Is your family growing? What are your other monthly debts or financial responsibilities...both now and in the future?
We have been conditioned to see interest rates as our primary concern. However, on average, most people move or refinance every 3-5 years. Adjustable Mortgages (ARMs) offer lower rates and lower payments while Fixed Mortgages offer long term security. Most people are much more motivated by payment amount than interest rate!
There are many different ways to purchase a home or free up your cash flow with a mortgage. It really pays to consult with someone who appreciates your long term financial goals. A good mortgage planner will keep you informed of your choices every step of the way and serve as your trusted advisor. Don't be fooled by ridiculously low rates and fees--be sure what you ask for is what you get.
LOW Down Loans In March 2008, Federal banking guidelines changed regarding all financing options. Loannetter offers all Low Down Payment Loans, including FHA, VA, USRDA and Home Possible loans for First Time Homebuyers where credit or employment history may be a challenge.
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