Characteristics of each loan program are unique, so consult your mortgage professional for more information and to become familiar with the details of the programs available to you. To help determine the best loan program for you, consider the following:
Other factors to consider include:
- ability to qualify at market rates for loan amount selected
- anticipated term of occupancy
- possibility of significant rate changes
- existence of up-front costs
15 and 30 Year Fixed-Rate Mortgages
A “fixed-rate mortgage” is the most ordinary and uncomplicated home loan available to borrowers today. It is far and away the most popular choice for homeowners because of its conservative and affordable nature.