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What Kind of Mortgage Fits Your Needs?

What Kind of Mortgage Fits Your Needs?
No matter the state of the economy, each year the number of new mortgages underwritten reaches millions of homeowners.  Some are buying for the first time while others are downsizing or upsizing.  When rates drop, like they did over the past 2 years, many people seize the opportunity to refinance their home loan.  However, how do people decide on which mortgage to use for their specific need?  An online survey conducted by HSH.com points to some of the factors that influence consumer decisions.
Most Important Factor
It should come as no shock that the most important factor is the interest rate.  Regardless of the type of loan, the size of the loan or the customers home state, everybody is trying to get the best rate for their home loan.  In the survey mentioned above over 45% stated that the rate was the top factor for choosing a loan.
Other items, such as the length of the term and the fees also ranked high in the survey, but none was as vital as the rate.
Deciding How Much to Use for Down Payment
The ability to make a down payment equal to 10%-20% of ... more

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