Is a 30-Year Fixed Loan My Best Option?

The Best Loan Option

When looking at the best type of mortgage to get, we first need to look at your specific situation. Unfortunately there’s no one-size fits all solution when it comes to the best type of mortgage. Some types of mortgage will work for some situations while other types will work better for other situations.

For example, if you’re looking to sell your home relatively quickly or if you can’t afford the fixed interest rate, an adjustable rate mortgage may be the best choice for you. If you have the cash to cover your bills, a 15-year mortgage will result in you paying less interest over time.

Really there are many different solutions available, depending on your unique needs. If you’re ready to apply for a mortgage today, use our handy pre-approval tool to see what you may qualify for!

First-Time Homebuyer

U.S. Department of Housing and Urban Development (HUD) sets criteria to define first-time homebuyers. Helps lenders identify and allows to track their numbers.

Related Questions & Answers

Do I Really Need Private Mortgage Insurance?

Private Mortgage Insurance (PMI) If you're unable to afford the 20% down payment when purchasing your home, you will need to purchase Private Mortgage Insurance or (PMI). PMI helps protect the lender in the case...

How Can I Improve My Credit Score?

Improving your credit score can be challenging, but understanding the key factors that impact your score is essential. Key strategies include making on-time payments, paying down credit card balances, and avoiding closing your oldest credit...

What DTI Do I Need for a Mortgage?

In order to qualify for a mortgage you will generally what to keep your debt-to-income ratio below the following levels. 36% – 49%: A DTI in this range suggests that while a significant portion of...

Related Mortgage Articles

Understanding the Home Inspection Process

When purchasing a home, one crucial step is the home inspection. A home inspector is an impartial professional who thoroughly examines a property and provides a detailed report on its condition. While a home inspection...

Best Questions to Ask Your Mortgage Lender

Buying your first home is exciting, but it can also feel overwhelming—especially when it comes to understanding mortgages. At Avanti Way Financial, we want to make the process easier and less stressful. To help you...

Your Guide to Becoming a First-Time Home Buyer

Buying your first home is a huge milestone, but it can feel a little overwhelming, especially with all the steps and details to consider. The good news? There are plenty of programs, grants, and tax...

What to Know When Buying a Home With Mold

Buying a home is one of the most exciting milestones in life, but it can come with unexpected challenges. One such challenge is discovering mold, a problem that many homebuyers don’t anticipate. While mold can...

avanti way financial logo