Finding The Right Mortgage

Three Steps to Find the Right Mortgage

  1. 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.
  2. Shop around for mortgage rates. Banks, credit unions, and mortgage companies all offer mortgages. Compare several lenders in your area.
  3. Add up all the costs for each lender. Include fees, points, closing costs, etc., to arrive at the total mortgage cost.