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Basically, there are primarily two types of loans available, fixed rate and adjustable rate mortgages (ARM). A simple rule of thumb for selecting the type of mortgage that best suits your needs is going to be based on how long you plan on keeping the property. The following table may help you in your decision making process:
A fixed rate mortgage is when the interest rate stays the same for the entire duration of the loan. Fixed rate loans typically come in one of two varieties, 15-years or 30-years - the length of the term. ARMs are a bit more involved, but basically, over the life of the loan, the interest rate will fluctuate in conjunction with the market. If interest rates go up, so too will your ARM, and the same is true if interest rates drop. ARMs come in many different flavors, and should carefully be investigated. They may seem more attractive initially given that their rates are typically less than a fixed, but they can quickly go higher than a fixed if the rates increase. The following table may help you weigh the pros and cons for each type of mortgage loan:
Often, a mortgage broker is a good resource for assisting you in choosing a loan. A mortgage broker can be very beneficial and actually save you significant money on a loan. Keep in mind, they too are middle-men and get a percentage of your loan as payment - which you'll pay for. |
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