In the past every home owner got the same loan: a 30 year fixed mortgage. Today there are many different loan programs and choosing the right one could save you hundreds of dollars on your monthly payments.
How Long Do You Plan On Living In The House?
Not Very Long (1-3 Years)
3/1 ARM, 1 year ARM or 6 month ARM
A few years (3-5 Years)
At least 5 years (5-7 years)
Around 10 years ( 7-10 years)
10/1 ARM, 30 yr fixed or 15 yr fixed
A long time (10 plus years)
30 year fixed or 15 year fixed