Buying a home is one of the biggest life decisions you will ever make. Equally as important is the mortgage you select when making the purchase. There are many options available to potential buyers, including FHA, VA, Balloon, Conventional, USDA, and many more.
Determining the length of term you are able to pay, however, will perhaps have the biggest impact on your bottom line long-term. The most common mortgages feature either 15 or 30-year terms.
The 30-year fixed mortgage is usually the most popular option buyers choose. It offers the most flexibility and is usually the most affordable, freeing up finances for other important purchases such as a car, college savings, or retirement contributions, to name a few. Continue reading