N4early all home buyers need to secure a mortgage when purchasing a home. Today, there are a wide variety of mortgage options available. Taking the time to discover the best mortgage product for your needs can offer great rewards in the long run.
While there are countless variations, most common mortgages can be categorized as either fixed or variable. Fixed mortgages offer the same interest rate and monthly payment over the life of the loan, while variable mortgages offer adjustable rates or payments. ARMs (Adjustable Rate Mortgages), the most popular variable mortgage option, offer a lower-than-market interest rate to provide buyers financial flexibility initially during the mortgage, with the trade off being the potential for higher interest rates and monthly payments later on.
