When buying a home, probably the most important decision you will make will be regarding your mortgage. Your mortgage lender will be a great source of information when it is time for you to decide. Go ahead and discuss your financial situation with your lender and get a preapproval letter. This letter will indicate the basic terms of your mortgage such as interest rate and repayment term.
So you are prepared when you meet with your lender, here are some pros and cons for the different mortgage options that are currently available.
30 year term
This is the most popular mortgage type and offers you 30 years with a fixed interest rate to pay off your mortgage. You will have a lower payment each month than if you financed your mortgage for 15 years.…