Choosing the right mortgage program is never easy. The only way you can do it is by looking at your own financial situation and then examining each program with a microscope. In this article, we’re going to show you what your choices are and the various characteristics of the different types of mortgages.
Keep reading to find out more about the right mortgage program for you.
The 30-Year Mortgage
This is the most conventional mortgage program available. As you can garner from the name, you pay the money back over 30 years.
The main advantages of this program are:
- It’s ideal for people if you want to know that your payments are never going to change.
- If the interest rate is in your favor, it’s a good time to take this type of mortgage.
- This program is ideal for people who want to stay in a house for the long-term.