Which Mortgage Loan is Best These Days?

Posted by KnowledgeChoice on 12/28/07 in Real Estate

I get asked this question a lot it seems and the answer is not nearly as easy as it once was to give. While I’ve never been a fan of the mortgage rates some companies have been throwing around, claiming sub-prime rates for X amount of years, there are still plenty of opportunities for the prospective new business owner that will keep you from spending too much money and worrying whenever a mortgage backer announces massive losses for a particular quarter.
 
For those that already have a mortgage, refinance rates are starting to rise, so it is best to get in while you still can if your rates are higher than the current market trends. In a few more months, those rates might be much higher than you would like.
 

For everyone else, it is simple a matter of gathering as many mortgage quotes as you possibly can and researching the financial institutions backing them as thoroughly as you can. Traditional mortgages, though slightly higher in rates are safer and generally do not change much over the years. Sub-prime and locked in rates that promise low payments for the first 10 years have a habit of rising significantly when you can least afford it. Be aware of your options and if necessary, ask additional questions. It will keep you and your mortgage safe.

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