There isn't a single or simple answer
to this question. The right type of mortgage for you depends on many
different 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 your
mortgage payment changing.
For example, a 15-year fixed-rate
mortgage can save you many 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 get
higher when the interest rate changes.
The best way to find the "right" answer is to discuss your finances,
your plans, financial prospects, and your preferences frankly with a
mortgage professional.
