Fixed Rate Mortgage vs. Adjustable Rate Mortgage (ARM) what is the best mortgage?
This question is like asking what is the best car to drive? I drive a Lincoln but does that mean it is the best car? I like it.
Do you realize that most mortgage professionals offer over 100 type of loan programs? Some of these are fixed rate products as well as adjustable rates. Do you really need all these choices? The answer is quite simply yes because everyone is different. Everyone's plans are different some are short term other are long term. Some people are looking to payoff the mortgage quickly (Not something I would recommend) and some are thinking they just want the lowest payment no matter if goes to 50 years.
So the question really is'nt what is the best mortgage but really what is the best mortgage for your needs and wants? By going on-line you can do some research but what it really comes down to is knowing and trusting your Mortgage Professional. Is this something you can do on-line, on the phone, by e-mail or face to face? My suggestions is to ask as many questions to make sure you feel comfortable. Remember the most important part is, it is your money. You are the client.
Something I take pride in is the fact that I am NOT an order taker but a Career Minded Mortgage Broker. When I meet with a client I always take notes on what their wants and needs are. Plus what type of mortgage do they think they want. After the meeting I present the client usually 4 choices of Mortgages. The first is always what the client asked for. The others are mortgage's that I would recommend are based on what their needs and wants where. I also list the pro's and con's of each one.
Is this a trick or a sales gimmick? The answer is quite simply no. It is what I consider doing my job. If someone is only going to be in the house for under 5 years why would I recommend a 30 year fix rate if they could actually save money on a 5 year arm.
This brings us back to which is the best mortgage. My suggestion is to find the best mortgage Professional for you! Someone who is not an order taker but someone who has a voice and is knowledgeable about the industry.
For More Mortgage Advice: Mortgage Advice in South Florida
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I have a lot of respect for you
I hope this is better..:-)
Words of wisdom by Matt. This makes perfect sense. Thanks for putting this into perspective. You drive a Lincoln?