Which Mortgage Is Right for You?

About this episode

Laura discusses various mortgage options to help listeners choose the best one for their home purchase.

1021. Looking for a mortgage but are unsure what’s best for you? Laura answers a question from a listener who’s ready to buy a home but is overwhelmed by mortgage choices. Find out whether a fixed- or adjustable-rate loan, with or without mortgage points, is right for you. Key Takeaways: Fixed-rate mortgages are popular because they lock in a rate, providing financial stability no matter what happens in the economy. Adjustable-rate mortgages (ARMs) can be good when interest rates are high, you don’t expect to own your home for the long term, or you can pay it off early. Conventional loans are the most common type of mortgage because they’re backed by federal agencies, reducing risk for lenders. Jumbo loans are high mortgage amounts that aren’t federally-backed and typically require stricter qualifying criteria by lenders. There are various loans backed by the federal government, including FHA, VA, and USDA products, that come with lenient underwriting standards, making homeownership more affordable. Buying mortgage points allows you to get a lower interest rate, which saves money if you own the property past the breakeven point. Upcoming Wedding Series Coming Up: We want your…

People in this episode

Host: Laura

Topics covered

• mortgage options
• home buying
• financial stability
• fixed-rate mortgages
• adjustable-rate mortgages
• federal loans

Keywords

• mortgage
• fixed-rate
• adjustable-rate
• conventional loans
• jumbo loans
• FHA
• VA
• USDA
• mortgage points

Mentioned in this episode

Organizations: QuickAndDirtyTips.com, FHA, VA, USDA

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