| Mortgage
rates have been on the rise for the past month, but they're still at fairly low
levels historically speaking. If
you're in the market for a new home, you figure it must be less expensive to buy
now than when rates go up even further, assuming housing prices stay strong in
the near term, something economists expect will happen. That may be the only thing
you can be sure about. But
finding the best type of mortgage for your situation can feel a little like finding
the perfect ecru in a sea of beige. It
doesn't have to be that way. If you ask yourself the right questions, you at least
can narrow your search to the best category of mortgage for which you need to
comparison shop. 15-year
versus 30-year debateThe
first question you should ask is, "How much can I afford to pay on a monthly
basis?" Keep
in mind, your mortgage payment is only part of what you'll pay to live in your
home. You also should budget for furniture, your house's upkeep and the general
expenses of life (like, say, food). A
30-year mortgage will have a lower monthly payment and a higher interest rate
than a 15-year mortgage. So you'll have a smaller monthly obligation but you'll
pay more for your house over time because you're paying it off with interest for
a longer period. Conversely,
a 15-year mortgage will have a higher monthly payment and a lower interest rate
so you'll pay less for your house because you're paying it off in a shorter period.
"For
most home buyers, especially first-time buyers, taking a 15-year (or 20-year)
mortgage is out of the question," said Keith Gumbinger, vice president for
mortgage tracker HSH Associates. The higher monthly payments are often too much
to handle for these types of buyers. But
for home buyers with sufficient income and a desire to be mortgage-free in a short
time, a 15-year loan might be a good bet. Fixed
versus adjustable-rate conundrum
The second question you should ask is, "How
long will you be in the house?" You probably can't answer with absolute certainty,
but you can play the odds. Say,
for example, you're single and buying a small condo but you can easily envision
yourself married; or you've just started a family and plan to expand it at some
point. Chances are good you'll want to trade up to a new home in five to seven
years. On the other hand, maybe you've had your family and want to settle into
a place with a good school system, which your kids will be using for the next
12 years. Whatever
the answer, it will help you decide whether it makes sense to get a fixed-rate
or an adjustable-rate mortgage (ARM). A
fixed-rate mortgage locks in a rate for the length of your loan. ARMs,
meanwhile, are short-term fixed-rate loans: After the fixed rate term is up, the
rate adjusts at regular intervals in accordance with current interest rate conditions
at that time. A 5/1 ARM, for example, has a fixed rate for five years and then
adjusts every year for the next 25 years. (ARMs typically run on a 30-year schedule.)
Article
continued at http://money.cnn.com/2003/06/24/pf/yourhome/q_bestmortgage/index.html
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