There are different types of mortgages to choose from, a choice that can cost or save you thousands of dollars.
Spring and warmer weather are on their way again soon, meaning the prime time for buying and selling homes is as well. Purchasing a new home is no small decision. It is something that requires a lot of time planning and ensuring your finances are in order. It also requires that you get the right mortgage in place.
Having the right mortgage for your needs is essential, as the wrong mortgage type can lead to spending hundreds or thousands more over the life of the loan than you need to. With so many mortgage options available – adjustable rate, fixed rate, balloon and bridge to name a few – how do you know which is best for you?
The mortgage guide below will help you learn more about each loan type, including drawbacks and benefits. Once you’ve read through it, be sure to get in touch with the mortgage lenders at Peoples Bank & Trust to start a conversation about your home loan needs.