October 6th, 2014 8:05 AM by Jackie A. Graves, President
A mortgage is a
serious long-term financial commitment and a legally binding contract so it's
important to choose the right mortgage for your situation. The type of mortgage
you select may make a big difference in your monthly payments and the overall
cost of your loan.
There are two types
of mortgages – fixed-rate and adjustable-rate – that have their own set of
features and benefits that need to be carefully considered.
About 90% of all home
buyers today that are financing their homes (approximately 30% of home buyers
are paying cash) are doing so with a fixed-rate mortgage, locking in
historically low interest rates. But for those who plan on living in
their home for less than five to seven years or whose budget can withstand
payment fluctuations, an adjustable-rate mortgage may make more sense. Talking
with reputable lenders and counselors can help you decide which is best for
you. Learn more.
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