Get a loan that you feel comfortable with, one you don’t have to worry about, and one that is easy to get in terms of qualifying and cost. You can knock yourself out on that one. Fannie and Freddie make up about a quarter of all mortgages generated; the others are government, jumbo, and portfolio loans. But instead of trying to find the absolute best loan for your situation, first ask yourself if indeed you are very different from most other borrowers. Do you have good credit? Do you have a down payment? Do you have a job and can you afford the new mortgage payment? If so, there’s no reason to get cute about your mortgage.
Forget perusing through your mortgage lenders loan book exploring all the possible alternatives.Get a fixed or get an ARM. Fixed if you’re in it for the long term or are risk-averse. Get an ARM if you see this purchase as being short term, say three to five years. Get a hybrid if you’re in between.
Why such narrow choices? Pricing. Look at it this way, if the single most common item on the market today is available with most every lender on the planet, and if the loans are exactly alike, then what do you think that does to the price? It keeps it low. If more people are trying to sell the same product and it’s available twenty-four hours a day then you would think that such a commodity’s determining factor would be price, right? If a conventional loan is everywhere then the only thing you accomplish by trying to find something better is a wasted effort.
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