Choosing a Loan Program
There isn't a single or simple answer to this question. The ideal mortgage for you depends on many different factors:
- Your current financial profile
- Expected financial changes
- How long you intend to keep your house
- How comfortable you are with your monthly payment changing
For example, a 15-year fixed rate mortgage can save you thousands of dollars in interest payments over the life of the loan. An adjustable rate mortgage allows for payment flexibility.
The best way to find the "right" solution is to discuss your finances and intentions with a mortgage professional.