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MORTGAGE STRATEGIES


Determining which mortgage strategy best meets your financial needs and goals will determine which mortgage program will best suit you. The mortgage program that you choose should be selected because it meets your financial goals, ultimately saving you money.

One key thing to remember in choosing a borrowing strategy is to remain unbiased by others advice. While obtaining advice from friends and family members is a great starting point you should always choose the program that best suits your interests.

Example:
Many Home Buyers today are told by friends and family to never, never get an adjustable rate mortgage or never, never pay points. While those close to you mean well they usually are speaking from their experiences and beliefs not from your financial best interest. By examining your needs and the costs of each program you can determine which program will save you money.


The Golden Rule of Choosing a Borrowing Strategy

EVERY ONES SITUATION IS DIFFERENT AND THEREFORE, THEIR NEEDS IN A MORTGAGE PROGRAM WILL BE DIFFERENT.

The most important factor in choosing a mortgage program is how long you will keep the mortgage. If you have an idea how long you will keep the upcoming loan then you, with or without the asssistance of a Mortgage Professional, can determine which program and program options will save you the most money. With accurate information the savings can be calculated down to the dollar savings per month and year.

One factor that is always a determining factor in choosing a mortgage program is where you think the interest rates are going in the future. Here's a tip: prepare for the worst case when trying to second-guess the economy. On the date you pay off the loan you will be able to look back and calculate which program you would have been better off with. This is just hindsight and remember, everyone has perfect hindsight. Try to stick to the basics when predicting the economy- are rates rising or dropping? The answer will help yuo choose a program that best meets the current and future economic conditions.

Please read the all of the strategies detailed and learn the benefits of each. Remember that you do not have to agree with all of them, different strategies are for different needs and what makes no sense to you may make perfect sense to some one else. The important thing is to choose the program and strategy that best meets your individual needs.


STRATEGIES

Fixed Rate or Adjustable Rate?

Pay Points or Don't Pay Points?

The Three Reasons To Choose an ARM.

No Points / No Closing Costs: NO WAY!!

15 Year Term over 30 Year Term

30 Year Term over 15 Year Term

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