Mortgages are our only business!
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Choosing the Right Mortgage |
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What mortgage is best for me? The 1-year adjustable and the 30-year fixed rate mortgages are only two options that exist. There are other mortgage options that could significantly lower your mortgage costs by either reducing your monthly payment or by decreasing the length of your mortgage. These factors are equally important whether it's a new loan or a refinance. The type of mortgage best suited to your individual situation depends primarily on the amount you can afford monthly. However, the right mortgage also depends on how long you expect to own the property, and your projected income growth. When should I refinance? The theory that it is only cost-effective to refinance when interest rates drop two points lower than your current mortgage rate is not necessarily true. The best time to refinance is any time mortgage rates drop below your current rate. Even a slight drop in rates can mean significant savings to you by either lowering your monthly payment or by allowing you the opportunity to keep the same monthly payment but reduce the length of your mortgage. Anchor Mortgage loan consultants are fully qualified to help you find the right mortgage or help you determine if it is to your advantage to refinance. They can then offer you mortgage programs from many different lending institutions to match your individual situation.
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© 1999-2002 Anchor Mortgage. MA Brokers #MB0144 |
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Anchor Mortgage Company, Inc
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508-420-1222 |
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