Choosing Mortgage Loan

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Choosing a Loan Program

The right type of mortgage for you depends on many different factors:

How much you can spend on down payment.
You overall financial situation and how you expect it to change.
How long you intend to keep your house.

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

If you have very little for a down payment, your choices of loan program will be limited to only a few types of mortgages. If someone is giving you a gift for all or part of the down payment, your options are also limited. If you have enough for the down payment, but need the lender or seller to cover all or part of your closing costs, this further limits your options. If you borrow all or a portion of the down payment from your 401K or retirement plan, different loan programs have different rules on how you qualify.

Of course, if you have enough for a large down payment, then you have lots of choices. Your loan choices include such varied programs as conventional fixed rate loans, adjustable rate mortgages, buydowns, VA, FHA, graduated payment mortgages and all the varieties of each.

The best way to find the "right" answer is to discuss your finances, your plans and financial prospects with your loan officer.

Jefferson Funding
67 Green Street, Newton MA 02458
Phone: 617-964-1963 Fax: 203-413-6454
Email Us: info@jeffersonfunding.com