There are multiple factors to consider, including your current and future financial picture and the length of time you plan to be in the home. When deciding on a loan, one of the first things you will need to assess is whether you would like a fixed rate or adjustable rate mortgage. Armed with this information, you are prepared to have a conversation with your mortgage banker about the best product to meet your financial goals. The actual products may vary depending on the market. In our experience, many borrowers are unaware of the number of loan products and don't know the different types of products and programs that might be available.īelow you’ll find information on the most common product distinctions. When it comes to selecting a mortgage for your new home purchase, there are a wide array of loan options available.
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