Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best. Do you expect your finances to changeover the next few years? Are you planning to live in this home for a long period of time? Are you comfortable with the idea of a changing mortgage payment amount? Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement? Your lender can help you use your answers to questions such as these to decide which loan best fits your needs.
When considering a house purchase, visit the location at different times of the day to gauge the nearby traffic patterns, congestion, on-street parking, and noise. Seasonal differences may also be a factor, especially if the house is near a school or sports venue.