What Kind of Mortgage is Right for You?

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

When buying a home in northern Virginia, it's important to know you have options when it comes to the type of mortgage you buy.

We want to share some information that will help you decide what kind of mortgage is right for you.

Some mortgage economists are predicting conventional 30-year fixed-rate mortgages to rise to 5.5% before 2015. Because of the higher rate, you may want to consider a hybrid mortgage if you are thinking about buying a home this year.

Here's why:

• It provides a fixed-rate for a predetermined period, anywhere from 5 to 10 years. 
• You can convert to a rate that can change annually.
• There is a potential for substantial monthly savings.

It's important to remember that there's still a case to stick with a conventional fixed-rate mortgage, because interest rates remain at historic lows.

The question to ask yourself is how long you plan to stay in your new home. If you are a new buyer looking to buy a smaller home and upgrade to a larger one down the road, the hybrid may be your best bet.

As always, the best choice is ultimately the one you're most comfortable with.

If you're unsure about these options, give us a call at (703) 909-3939 or email us at Steve@HomeSearchWebsite.com for advice on which mortgage is right for you!