financing: Mortgage Options
- 01/05/16 06:34 AM
When folks think about mortgages the traditional 30 year mortgage comes to mind. It means that you are locked into a fixed interest rate for the life of the mortgage unless you decide to refinance later on. There is also the possibility of a 15 year mortgage, which has a fixed rate but larger monthly payments. Some people really like this because it assures a fixed cost every month. However, it also means that money which could be used for other investments will not be available. It is something to consider. An adjustable rate mortgage, known as an ARM, is a possibility … (18 comments)
When folks think about mortgages the traditional 30 year mortgage comes to mind. It means that you are locked into a fixed interest rate for the life of the mortgage unless you decide to refinance later on. There is also the possibility of a 15 year mortgage, which has a fixed rate but larger monthly payments. Some people really like this because it assures a fixed cost every month. However, it also means that money which could be used for other investments will not be available. It is something to consider.
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