There is not just one or even a simple answer to this particular question. The correct type of mortgage for you really depends on a number of different factors:
As an example, a fifteen year fixed rate mortgage can often save you thousands of dollars in interest payments during the life of your loan, but the monthly payments will definitely be higher. An adjustable rate mortgage can get you going with a lower monthly payment than that of a fixed rate mortgage, but the payments can go higher when the interest rate experiences changes.
The best method to discover the correct answer is to have a discussion about your plans, finances and your financial prospects, as well as your preferences with a financial professional.
The purchasing of a new home is even still one of the single greatest investments you will ever make, both emotionally and financially. In the somewhat turbulent market of today you will need someone on your side that will be with you every step of the way, someone who is knowledgeable and who can help to educate you on the best options for you. Milton Estrada will be there to help walk you through during this exciting but often confusing process as well as to ensure that you are armed with the information that you need as well as providing the most competitive loan products available on the market.
Our experienced staff of mortgage professionals is available to discuss your whole financial picture and to help you to make the correct choice for your specific needs.