What Are My Mortgage Options
When you’re buying a home, you’ll probably need to take out a mortgage. That means you need to understand the types of mortgage loans available to you. It’s always best to know what all of your options are so that you can make the best decisions.
If you’re like most people, you’re wondering, “What are my mortgage options?” That’s completely normal, especially if this is your first home.
Your Mortgage Options
Mortgages come in many different varieties, which is good—you have the ability to make a choice that works for you not just now, but long into the future.
Terms: You can choose how long it will take you to pay for your home. Most people have a term of 30 years, but mortgages are available in 15-year and 20-year terms, as well.
Typically, shorter loans come with lower interest rates. You’ll pay less over the life of the loan than you would with a longer loan, but you must pay it all back faster; that means your monthly payments will probably be a good deal higher than they would if you spread it out over a longer term.