What kind of loan program is best for you?

So what kind of mortgage is best for you? Fixed rate? Adjustable rate? Government loans? The truth is, there is no one correct answer. Given the many different types of loans and term lengths, the choice can be difficult. It is an extremely important choice and you can definitely benefit from research before you make your decision. Some time and effort right now can save you thousands of dollars in the long run. Your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best:

  • Do you expect your finances to change over the next few years?
  • Are you planning to live in this home for a long period of time?
  • Are you comfortable with the idea of a changing mortgage payment amount?
  • Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Your lender can help you use your answers to questions such as these to decide which loan best fits your needs. Below is a general guideline that may be useful to consider when selecting the mortgage for your home:

Years you plan to stay in your home           Plan to Consider

                        1-3                                    3/1 ARM or 1-year ARM

                        3-5                                                5/1 ARM

                        5-7                                                7/1 ARM

                        7-10                                10/1 ARM or 30-year fixed

                        10+                                30-year fixed or 15-year fixed

For additional information on the right loan program for you, please contact:

Tami's Team, REALTOR®, real estate agent and broker for Tenafly, Closter, Demarest, Cresskill, Haworth, and Englewood Cliffs, New Jersey home listings, property and land for sale - NUMBER1EXPERT, englewood homes, englewood real estate, tenafly realtor

Tami Rapaport’s Team
Coldwell Banker Residential Brokerage

130 Dean Drive
Tenafly, NJ. 07670
Direct Line: 201-227-2045
Cell: 201–665-5558
201-567-7788 ext. 127
Fax: 201-567-3220
Email:
Tami@TamiRapaport.com

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About tamirapaport

I have been a Tenafly Realtor for many years and continue to offer excellent service for my friends and clients. I have been fortunate to be the only realtor to achive Platinum Level Sales Award for 8 years in a row! (NJAR Circle of Excellence 2002-2009) and in 2008, I ranked #3 out of 3,900 Coldwell Banker agents throughout the entire state of New Jersey! I love my job and my committment shows. I am also a member of Coldwell Banker International President's Premier, the top 1% worldwide of the heighest sales ranking within the company. Awards are great recognition, but my clients will tell you I get the job done! I am multi-lingual and speak fluent Hebrew as well as English.
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