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Choosing the Best Loan for You

There are many types of mortgage programs available. The right type of loan for you depends upon several factors:

  • Your current financial picture.
  • How you expect your finances to change.
  • How long you intend to keep your house.
  • How comfortable you are with the possibility your mortgage payment may change in the future. 

When considering loan programs, the first decision is usually if you prefer a fixed rate mortgage or adjustable rate mortgage. For example, a 15-year fixed rate mortgage can save you thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could increase when the interest rate changes.

Use this comparison table to help you determine your preference. After you decide, visit the Types of Loans section to learn more about the features and benefits of fixed rate or adjustable rate loan programs.
  

 

Fixed
Mortgage
Rate

Adjustable
Rate
Mortgage

I am comfortable with a monthly payment that may vary.    
I believe interest rates are going to decrease.    
I believe current interest rates are low.    
I plan to stay in my home for more than five years.    
I plan to stay in my home for less than five years.    
I want to buy a slightly more expensive home.    
Instead of a more expensive home, I want the lowest possible payments.    
I’m interested in avoiding PMI with a combine second mortgage.    
I’m interested in a low or no down payment loan program.    
I’m interested in a VA loan.    
I’m building a custom home.    
My loan amount will be greater than $417,000.    
I’m interested in a FHA loan.    

© 2017 Columbia Greene Northern Dutchess MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-08-20.

© Greater Capital Association of Realtors 2017. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocitysm Program. Real estate listings held by brokerage firms other than are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-08-20

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Davala Real Estate, LLC

2017 top three finalist for

BEST of Columbia County

Davala Real Estate, LLC
Philmont, NY 12565
518-755-2385
Contact Us

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Davala Real Estate, LLC | 518-755-2385 | Contact Us
PO Box 361, 119 Main St - Philmont, NY 12565
Copyright © 2017, All Rights Reserved

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