There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:
- Your current financial picture
- How you expect your finances to change
- How long you intend to keep your house
- How comfortable you are with your mortgage payment changing
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.
The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with a mortgage professional.
See More Testimonials"All I can say is WOW! The team I dealt with at HarborOne Mortgage was Phenomenal. I first reached out to Justin Bitler to get the ball rolling and get some more information, he was able to answer any and all questions. JB Was very knowledgeable and personable, he really treated me like a friend and had my best interest in mind. Once I applied and began The process and did an application I was in mostly in contact with Elizabeth ‘Liz’ Killian, Who I can say I probably talk to you every day maybe multiple times today about questions concerns making sure I had all my paperwork in order and she was nothing but friendly and helpful every day and every step of the process. Liz was quite wonderful and always very nice and friendly! I would highly recommend HarborOne and I’ve been telling all my friends and family about it for refinancing a new home purchase is these guys are the real deal and the customer service was five star!"- John