When weighing loan options, do these traits sound like you:
- Do you plan to stay in your home for many years?
- Do you want the lowest fixed payment available?
- Do you prefer a payment that stays the same for reliable budgeting?
- Does an unchanging rate eliminate financial anxiety?
If you answered “Yes” to those questions, a 30-year fixed-rate mortgage is probably the way to go. Plus, if you have extra cash, you can opt to pay principal without penalty.