Which Mortgage Is Best For Me?

In the short term? Or long term? How long will you keep this home? What are your prospects for job advancement? Can two household incomes turn to one to raise a family? 

While the answers to these questions are obviously important in the short term, planning for your future and obtaining your long-term financial goals are the bigger picture. Since this is the largest debt most homeowners will create in their lifetime, the implications of your decisions now will provide you with both advantages and consequences based on your choices.

So choosing a traditional fixed rate loan might be the right choice for some, but a 5/1 ARM with a lower rate could be the better choice if this home is a short-term starter home.

A rate buydown could be the way to go if youyou expect your income to increase, but you need a low payment in the first few years.

A larger down payment can avoid mortgage insurance and end up lowering your payment, or you can use a "piggyback" second to accomplish the same, but this usually requires a higher credit score.

Borrowers have individual goals and unique needs depending on their circumstances. Asking the right questions will start you on the path to creating the outcome you desire.