Wednesday, March 28, 2007

Which mortgage is right for you?

Everyone has their own lifestyle and different priorities, based on what stage of life you are in. A lot of these factors go into making the decision on your choice of mortgage. Bankrate.com gives you 8 different situations and which mortgage goes with which.


    1. Buying for the long haul: Loan to consider: 30-year fixed rate

    2. Refinancing (15-20 years before retiring): Loan to consider: 15- or 20-year fixed or adjustable rate mortgage (ARM)

    3. Recent graduate with strong potential for increased earnings: Loan to consider: One-year ARM

    4. Self-employed: Loan to consider: No- or low-documentation loan

    5. Planning to live in home 4 or 5 years: Loan to consider: A 5/25 hybrid loan

    6. Job with good income, but not consistent month to month: Loan to consider: Option ARM

    7. Job relocation for a short run (with good income and savings): Loan to consider: Interest-only mortgage

    8. Active duty military or veteran: Loan to consider: VA loan

More on why these are the right choices after the jump.



Which mortgage is right for you? via Bankrate.com

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