Mortgages are like shoes there are many options but you have to choose the one that is most comfortable for you. Your the one who has to make the payment. Here are some points to consider:
- Choosing a mortgage is complex as there are so many different loan programs. You have The 15 or 30-year conventional loans, 5 of 7-year arms interest only, VA FHA, and on and on so it's important to find the shoe that fits best.
- How much of your total cash do you want to be held in this purchase? As we know cash is king so if you qualify, you may elect to put down less of a downpayment which means a higher monthly payment but keeps your cash under your control.
- Do you like the idea of forced savings and want to try and pay off your real estate as quickly as possible? This is great too and the right loan product will help get you there faster.
- How long do you plan to own the home? If your goal is only 5 to 7 years and arm program or interest only loan program might more sense than a traditional 30-year convention.
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