There are many different types of mortgages with a plethora of features and fees. Choosing the right kind of mortgage based on your life style could not only make it easier for you to repay the loan but also save you thousands of dollars.
First, make an honest assessment of your financial position. Do you have a stable job? If you are in business, does it yield you a regular profit? Calculate your gross income. If you have a very low income that deters you from saving anything then you would do well to opt for a low down or no down payment mortgage. If your income is good enough to have allowed saving for the down payment its better that you make 20% or more down payment. The less you owe the better.
Are you sure that you can repay your loan after a sudden loss of employment? On the other hand, if you as a couple are repaying together, what if your spouse loses their job, can you still manage it? A longer amortization period (30years) would mean that you pay a smaller amount monthly that would be lighter on your monthly budget. Also, remember that you pay a higher interest and a larger amount overall incase of mortgages that are spread over longer periods. A...
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