A mortgage is a major purchase, so it is important to know that you have the right program for you. Today’s market offers borrowers a tremendous choice of loan products and new opportunities that never existed before. So it pays to educate yourself on the different types of loan products first.
Choosing the right type of mortgage requires you to reveiw your financial objectives and answer a host of questions, such as;
- How long do you plan on staying in the home?
- What amount of monthly payment can you comfortably afford?
- How much money do you have for a down payment?
- Is paying the mortgage off early important?
- Do you intend to make extra principal payments?
- Is your income projected to remain stable or increase?
To be continued…