Choosing which mortgage to choose can be as challenging as finding that perfect piece of property. In this chapter we will try to help you make sense of the different options so you'll know which is right for you and your family.
Each term will get a short summary on this page, but I strongly recommend clicking the link to get a full description along with the pros and cons. Knowing these terms is going to give you a big advantage when speaking with your lender so make sure you are comfortable with them before moving on to the next chapter.
- Fixed-Rate Mortgages (FRM)
When mortgage rates are low, it's hard to beat a fixed-rate mortgage. FRMs are the most popular type of mortgage right now, and also the easiest to understand. Since this will most likely be the first option presented to you, make sure you read the full article to see a full list of the advantages & disadvantages. - 30 Year vs 15 Year Mortgage Comparison
The 30 year mortgage has long been the standard, but you might be surprised when you see how much can be saved with a 15 year mortgage. - Adjustable-Rate Mortgages (ARM)
Adjustable-rate mortgages can be a smart decision in certain situations, but you really need to understand what you are getting into. If you need to buy property when rates are high this is a great option to discuss with your lender. Check the full article to see the risks. - FRM vs ARM - Which To Choose?
You now know the facts about both options, but since it's such a common question we figured it would be beneficial to also compare them side-by-side. - Subprime Mortgages
Just because you have bad credit, doesn't mean you can't get financing. Learn about subprime mortgages and how they can benefit those people who don't have the best credit history. - Other Mortgage Options
If you are in need of a more "creative" mortgage, check out these alternate options that may help people in special situations. Even if you are planning on one of the previous mortgage types, it's not a bad idea to educate yourself on these since they are still fairly common.
