While this product is very popular amongst many homeowners in NY, determining whether a fixed rate loan is the best loan for you is based on your personal needs and goals. The following scenarios should be considered in making the proper mortgage loan choice:
- How long do you plan on living in the home?
- Will you be upgrading soon?
- What is your monthly income? Will this change in the near future?
- What is the interest rate environment?
- How much discretionary income would you like to keep available?
With interest rates on the rise now is the time to get into a fixed rate loan!