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What Mortgage Would Be Best For You?
ARM? Interest only? Conventional?
Which mortgage would be best for you?
Interest-only Mortgage: Many home buyers are opting for mortgages with interest-only
payments so they can afford to buy a more expensive home. They have lower monthly
payments for five, 10, or 15 years, which makes qualifying easier. They could
work if you:
Need more home than you can afford.
Live where home values are rising.
Can make a significant down payment.
Believe you can afford higher payments when you refinance or when
the interest-only period expires.
Will not stay in the home more than the national average
of seven years.
ARM (Adjustable Rate Mortgage): About 28 percent of new mortgages today
are ARMs. Federal Reserve Chairman Alan Greenspan has approved of them.
They could work if you:
Can refinance to a conventional mortgage when the low-rate ARM
expires.
Think your income will rise, and you will be able to make higher
payments later.
Know you will move and sell before the initial ARM rate expires.
The 110 Percent Mortgage: Allows you to borrow more than
the value of a home. It could work if you:
Can combine debts into the mortgage and lower interest rates and
payments.
Can afford to make the higher mortgage payment required.
Will stay in the house for many years.
Conventional Mortgage: Has a consistent interest rate
and allows you to pay off the home in 20 or 30 years. The home may be
your greatest asset at retirement.
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