Three Steps to Find the Right Mortgage
- Estimate how long you expect to live in the house to help you determine if a fixed or adjustable rate is right for you. If the answer is less than three to five years, consider an Adjustable Rate Mortgage (ARM), which typically starts out with a lower rate. If you plan to live in your new home longer than five years, a fixed-rate mortgage offers protection against rising interest rates.
- Shop around for mortgage rates. Banks, credit unions, and mortgage companies all offer mortgages. Compare several lenders in your area.
- Add up all the costs for each lender. Include fees, points, closing costs, etc., to arrive at the total mortgage cost.
