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What Mortgage is Right for me?
Choosing a Mortgage that fits your needs
When deciding what mortgage is right for you consider the following:
1. What is your short term (1-3 years) and long term goal (5-10 years) for the property?
If you want to sell in the next few years then it might be smart to obtain an adjustable rate mortgage, and structuring the loan with low fees. If you want to own the property long term a fixed rate might be the best way to go and think about maybe buying down the rate.
2. What is your financial situation right now and in the future?
Have you or will you be starting at new job? Starting a new company? Maybe it’s a rental property and you need positive cash flow. Adjustable rate loans or pay option arms might be your best fit. If you plan to retire in the next few years and plan on staying in the house then a long term fixed rate might be best.
Starting with these two basic questions will help you decided what loan is best for you. Figuring this out with your loan officer will give him/her the ability to find the right mortgage for you.
Kevin O’Connor
Mortgage Consultant
www.koloans.com
800.550.5538
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