There are many options out there when you’re looking for a mortgage. But the most important element in the mortgage you choose is YOU! What are your plans, situation, and desires when it comes to your home purchase?
Here is a sampling of most standard home mortgage options:
30 year Fixed: This is the most stable type of mortgage in terms of the payments. You know what your payment is and it does not change from month to month. These are generally more expensive mortgages in terms of the interest charged, but if you are young and plan to live in the house until it is paid off, this is a very good option, especially in times of super-low interest rates.
15 year Fixed: This is a great option if you’re at the point in your life where you can afford a bit higher payments, but can see the retirement light at the end of the tunnel. If you’re within even 20 years of retirement, this is a great option to have the home paid for by the time you retire. Then, you may either stay there or sell the home and cash out your equity.
Adjustable Rate Mortgage (ARM): In this mortgage the interest rate adjusts at a specified time and frequency. In general ARM products offer a lower initial rate than a 30-year fixed and they adjust with market trends. When the initial rate period ends and the ARM is ready to adjust you may be paying more – if the market trends are higher; or less – if there are lower market trends.
Interest Only: If you’re a young professional and anticipate making more money in future years, this may be a great option for you. In the interest only mortgage, you pay only the interest on the loan for a fixed period of time – say seven years. Then for the remaining 23 years – in the case of a 30-year mortgage – you pay interest and principle. This helps you afford more house in the beginning, and when you’re salary increases, you’re better able to afford the principle and interest payments.
Looking at Luxury Homes for Sale in Columbus, Ohio?
Trinity Homes has a beautiful selection of new, beautiful, high-quality, well-built homes you’ll be proud to call your own, and has the expertise to match your wants and needs to the perfect, custom home. If you are looking at houses for sale in Columbus, Ohio, you need a builder you can trust to construct a home where you’ll grow treasured memories for years to come. Our family at Trinity Homes is made up of people just like you. Our understanding of how families want to live is incorporated into every home that we build. We have been building high quality, semi-custom and custom homes in Central Ohio since 1963, and want to help you find the home that is just right for YOU. We carefully choose only the best neighborhoods in Central Ohio in the best school districts, with over 35 locations to choose from. We also know that all families are different so we offer customization options to meet the specific needs of your family. Call or come by today! Trinity Homes, +1 614-898-7200.