Choosing a Loan Program

• Your current financial picture
• How long you plan on keeping your home
• How long do you want to take to pay your home off
• Do you expect your finances to change in the near future 
• Do you want a fixed monthly payment or are you comfortable with your mortgage payment changing

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

The best way to find the "right" answer is to discuss your finances, current loan programs and interest rates with a mortgage professional.

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