What's the Best Home Mortgage Plan For You?
Understanding the difference between all the options and determining the best fit for you, based on your lifestyle, is an important step in the home buying process. Most home buyers do not have the full purchase price of a home saved, so it is necessary to take out a home loan. There are several different types of mortgage loans, such as fixed rate loans, adjustable rate mortgages and interest only mortgages.
It is important to become familiar with all of the mortgage loan options, as well as the different interest rates, terms, fees, etc. associated with each. Understanding these differences and how they relate to your personal financial situation will make a huge impact over the life of your home mortgage, and may save you hundreds or even thousands of dollars.
Different types of loan programs
- Fixed Rate Home Loans
- Adjustable Rate Mortgages (ARMs)
- Fixed Period ARMs
- Government Loans (FHA)
- Non-Conforming (Jumbo) Loans
- Hybrid Loans
Should I Refinance?
There are times when it makes sense to refinance your mortgage. It’s important to have a clear financial objective in mind so that you’re more able to choose the most appropriate loan. Ultimately, the decision is up to you to decide when it’s best for you to refinance, based on your individual financial situation.
- Refinance from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate
- Refinance from a Fixed-Rate Mortgage to an Adjustable Rate Mortgage (ARM)
- Lower Your Monthly Mortgage Payment
- Getting Cash from Your Home
- Consolidating High-Interest Credit Card Debt
Deciding on when to refinance your mortgage will depend on the circumstances of your situation
- How long you will be in the home
- What your financial goals are
- Whether interest rates are dropping
- Along with other factors
