Youve found a home, your credit is in good shape and you have money for a down payment. So, how do you go about picking the right home loan for you?
Picking A Home Loan Short Term
There are more than a few issues that go into picking a home loan. One of the key factors is the amount of time you intend to live in the residence. If you expect to sell within a few years, then picking a home loan for a short term scenario is going to be relatively easy.
ARMS Adjustable Rate Mortgages
Adjustable rate mortgages are very good solutions for short term home ownership situations. The advantage lies primarily in the fact you will get a much lower interest rate on an adjustable mortgage. This, of course, translates into lower monthly payments, which gives you financial flexibility for the first few years of the loan.
Interest rates on ARMS are lower than fixed rate loans for one primary reason. With an ARM, lenders assume you intend to hold on to the home for a relatively short period of time. As a result, they are willing to offer lower interest rates because they dont have to worry about getting stuck with a bad rate for 15 or 30 years. With a...
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