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How much do you want to spend?
How long do you want to carry the loan?
The most common mortgage loan is a 30-year fixed loan, which fully amortizes over a 30-year period and offers a lower monthly payment than a 15-year fixed loan. This loan is ideal for those planning to stay in their home for a long time. Budget planning is simplified and borrowers will have the peace of mind that comes with payments that never change.
A 15-year fixed-rate loan fully amortizes over a 15-year period and is a good choice for borrowers looking to pay off their home sooner rather than later. You receive all the perks of a 30-year fixed, but with a lower interest rate and the ability to own your house outright in half the time. The lower term and lower interest rate can save you tens of thousands of dollars and possibly hundreds of thousands in total loan payments, depending on the loan amount.
One drawback with a 15-year loan is that your payment will be higher, however, a sound option for those borrowers able to make a higher payment and pay off their home faster.
An Adjustable Rate Mortgage is also referred to as a variable rate mortgage or tracker mortgage. It is a mortgage loan with an interest rate on the note that periodically adjusts based on the index, which reflects the cost to the mortgage lender of borrowing on the credit markets. The mortgage loan may be offered at the lender's standard variable rate/base rate and there may be direct or legally defined link to the underlying index.
Interested in other loan programs? Buzz Dempsey with VIP Mortgage offers a large variety of loan programs. You can reach him at (520) 444-3982. Then Contact us today to get started with your home search!