What Types of Mortgages Are Available?

What Kinds of Mortgages Are Available?

• Fixed-Rate Mortgage - interest rates and monthly payments remain unchanged for the life of the loan
• Adjustable-Rate Mortgage- interest rates and monthly payments can go up or down, depending on the market
• Hybrid Loans - a combination of fixed and adjustable mortgages

How do you decide which loan is best? These questions may help.

• How much cash do you have for a down payment?
• What can you afford in monthly payments?
• How might your financial situation change in the near future and beyond?
• How long do you intend to keep this house?
• How comfortable would you be with the possibility of your monthly payments increasing?