The many different types of home loans available can seem overwhelming. Should you choose a fixed rate, adjustable rate or government loan mortgage? The truth is there is no right answer. Choosing a loan type is an important decision that is best made after you have researched your options. Remember, taking the time to explore your options now can mean saving thousands of dollars in the long run.
Ask yourself the following questions to determine what loan type is right for you:
A professional lender is the best resource available to help you decide which loan best fits your needs. Follow the general guidelines outlined below to get started selecting the best mortgage for your home.
|How many years do you plan to stay in your home?||Plan(s) to Consider|
|1-3||3/1 ARM or 1-year ARM|
|7-10||10/1 ARM or 30-year fixed|
|10+||30-year fixed or 15-year fixed|
Calculated Risk Analytics, LLC., d.b.a. Excelerate Capital is licensed by the Department of Business Oversight under the California Residential Mortgage License, CA RMLA #41DBO-45150. NMLS #1165716. 17802 Sky Park Circle, Suite #100, Irvine, CA 92614
17802 Skypark Circle, Ste. 100
Irvine, California 92614