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June 24, 2014 | Courtney Rogers | Comments 0

Tips on How to Select the Right Mortgage Option for You

mortgage loan applicationWhen you’re searching for a new home in metro Atlanta, one of the many important decisions you must make is which mortgage is the best option for you. There are a wide variety of loan products available to home buyers, from adjustable rate mortgages (ARMs) with 30-year fixed rate mortgages. How do you know which option is right for you?

According to the article “How to Choose the Right Mortgage for You” on the Equifax Finance Blog, the Consumer Financial Protection Bureau (CFPB) suggests seven things to keep in mind as you search for the right mortgage option:

  • The interest rate
  • How long you have to repay the loan
  • The type of interest rate and whether or not in can change over time
  • The annual percentage rate (APR)
  • The size of the loan
  • Closing costs, including lender’s fees
  • Whether the loan has other risky features or penalties

Home buyers can choose from two distinct categories of mortgage options: adjustable rate or fixed rate mortgages. However, within these categories, there are several types of loan products to choose from, such as 30- or 15-year fixed-rate mortgages. To learn more about the different loan options that are available to new home buyers, as well as when you should consider each option, be sure to read the full blog post.

For more information on personal finance, mortgages, credit protection and more, be sure to visit the Equifax Finance Blog.

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