The best mortgage will always be the one that’s a match for your financial goals. You’ll need to take into account how much money you need to borrow, which is affected by the size of the down payment you’ll make, as well as the state of your credit. It’s not as simple as choosing between a 15-year and a 30-year term-or whether you prefer to pay a fixed interest rate for the life of the mortgage or to have an adjustable interest rate, or ARM. How do you know which type of mortgage is best for you?
Unless you’re paying cash, the second half of the homeownership challenge is finding a mortgage to finance that dream. When shopping for a home, finding the house of your dreams is only half the battle.
