Which Loan?

Because many types of mortgage programs are available, choosing the right type of loan depends on several factors:

• Type of property your wish to purchase.
• Your current financial picture.
• How you expect your finances to change.
• How long you intend to keep your house.
• How comfortable you are with the possibility your mortgage payment may change in the future. 

When considering loan programs, the first decision is usually if you prefer a fixed rate mortgage or adjustable rate mortgage. For example, a 15-year fixed rate mortgage can save you 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 increase when the interest rate changes.

Use this comparison table to help you determine your preference. After you decide, visit the "Most Common Loans" section to learn more about the features and benefits of fixed rate or adjustable rate loan programs.
  

	Fixed Mortgage Rate	Adjustable Rate Mortgage
I am comfortable with a monthly payment that may vary.
I believe current interest rates will rise soon.
I believe current interest rates are low.
I plan to stay in my home for more than five years.
I plan to stay in my home for less than five years.
Any future raises or promotion would not be enough to cover a higher payment
Instead of a more expensive home, I want the lowest possible payments.
I’m interested in avoiding PMI with a combine second mortgage.
I’m interested in a low or no down payment loan program.
I’m interested in a VA loan.
I’m building a custom home.
My loan amount will be greater than $417,000.
I’m interested in a FHA loan.

Always consult your lender to discuss your possibilities. If you need assistance finding one, please contact me.  I have several loan officers I work with and I can direct you to the one that best fits your needs.