Buying a home is one of the most important financial decisions you'll make throughout your life. And in doing so, you'll most likely need to get a mortgage to finance the purchase. Mortgages come in many different varieties and sizes, and you'll want to make sure that you get the best type for your situation.
When we've purchased homes we've gone with a 30 year fixed rate mortgage so that we wouldn't have to worry about a fluctuating payment when the interest rate changes. We're able to fix the monthly cost of probably the biggest monthly expense. If you're not planning to stay in a certain home for more than a couple of years, you may want to consider a type of mortgage where the rate adjusts after the first so many years. You don't need to worry about it though since you'll be moving. The main point with mortgages though is that you want to make sure that you understand what you're getting yourself into.
23 March 2008
Mortgages and Buying a Home
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I agree with you, that you need to think very carefully. You nee dto decide how flexible you want the mortgage to be, whether you think you will want to pay it off early or not and whether you think you may need to stick repayments on the odd month if you employment is not that secure. There is a lot more to it than just cost and interest rates.
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