Posted on: 28th Aug, 2009 10:19 am
how to choose Mortgage?
you can choose mortgage with the help of following steps
first you look carefully at your current financial situation.
Study interest rates to get a sense of where they are headed.
Determine how much you will be putting down on your house and how much you can afford to pay monthly.
Decide how long you expect to be in the house. If you expect to stay for only a few years, look at ways to reduce the down payment and to keep the closing costs and points as low as possible. If you plan to stay for several years, it's more important to get the lowest interest rate you can.
Understand the differences between the mortgage choices available - fixed, adjustable rate (ARM) and balloon.
Decide which is more important to you now and over the long run: having a steady, constant mortgage payment, or paying the lowest initial rate with the possibility that your mortgage payment could rise
first you look carefully at your current financial situation.
Study interest rates to get a sense of where they are headed.
Determine how much you will be putting down on your house and how much you can afford to pay monthly.
Decide how long you expect to be in the house. If you expect to stay for only a few years, look at ways to reduce the down payment and to keep the closing costs and points as low as possible. If you plan to stay for several years, it's more important to get the lowest interest rate you can.
Understand the differences between the mortgage choices available - fixed, adjustable rate (ARM) and balloon.
Decide which is more important to you now and over the long run: having a steady, constant mortgage payment, or paying the lowest initial rate with the possibility that your mortgage payment could rise