Deciding on the Right Home Loan

Deciding what lifestyle situation fits you best will help you to decide the right home loan in most cases, here are some basic examples to help you decide which loan you might want to consider.

If you're looking for the lowest monthly payment and will be in your home fewer than five years, you may want to consider, for example:

• A long-term ARM (five years or longer) if your income is fixed or expected to decline
   
  • 5/1
  • 7/1
  • 10/1

• A short-term ARM (three years or fewer) if you expect your income to increase
   
  • 1/1
  • 3/1

If you want the lowest monthly payment and will be in the home for more than five years, you may want to consider, for example:

• A fixed-term mortgage (for example, 30-year fixed) if your income is fixed or expected to decline
   
  • 30-Year
  • 40-Year

   

• A short-term or long-term ARM if you expect your income to keep increasing

• 1/1
• 3/1

 

If you have limited money saved for a down payment, you may want to consider, for example:

• An FHA loan
  
   
• A VA loan, if you are a veteran
  
   
• A specialized program based on income or property location

Buyers who want to pay off a mortgage faster and save money by paying less interest, may want to consider, for example:

• A shorter-term mortgage, such as a 15- or 20-year fixed-rate loan
  • 10-Year
  • 15-Year
  • 20-Year

Having looked at the various types of mortgages, it is time to consider Requesting a Loan Consultation.

 

Correcting Your Credit

Credit Advice

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Mortgage Programs

Home Equity Loans

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Types of Loans

Miscellaneous

Should you get an interest only mortgage? Best Loan Program Texas Home Loans - For People With Poor Credit Why Get FHA Mortgages 40 Year mortgages: Mean lower monthly payments, slower equity

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Mortgage Glossary9