There seem to literally be thousands of mortgage programs out there. Finding the right mortgage program to fit your needs and your financial goals can be difficult to do unless you are working with the "right" mortgage professional.
Which mortgage program is right for me?
There is no one answer fits all type response that can be given. Each and every individual person has their own specific financial situation and their own financial goals and dreams. With the number of mortgage programs out there to choose from being in the hundreds and maybe even the thousands, this can be a difficult decision trying to figure out what is going to be best for you.
There are interest only loans, ARM loans, Pay Option ARM loans, balloons, fixed rate loans, extendable balloons, conventional loans, FHA loans, and many, many others to consider.
Some of the main factors that you will want to consider when choosing which mortgage loan is right for you are:
- how long will you live in your home,
- do you have any children attending college currently
- is this a starter home,
- will you have a pre-payment penalty,
- are you expecting any new family members to be added to your family,
- how much do you have in liquid assets,
- are you self-employed or do you work for someone,
- how much longer until you plan on retiring,
- do you have enough money for retirement,
- do you have many other financial obligations besides a mortgage,
- do you own any other property,
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