What is the best basic loan to acquire when searching for your first home loan based on a 2 income family of four?

Asked by Steffanie

1 Answer

Log in or sign up with email
By submitting you agree to our Terms of Service
Answered by Chad Freeman, Branch ManagerPRO+ in Bethesda, MD
Hi Steffanie -

There are many different philosophies out there, but probably the most common is a 30Y fixed rate loan. It truly is the most 'basic' as your question points out, because the rate is fixed for the full 30 years and you know exactly how much your payment will be each month. There are many other loan products available but each buyer needs to consider their own individual situation (time spent in the home, income, retirement planning, other expenses, etc.). Hope that helps! | 08.14.15 @ 15:30
Comment
Log in or sign up with email
By submitting you agree to our Terms of Service
$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 12:31
Log in or sign up with email
By submitting you agree to our Terms of Service
Free MoneyTips Membership!

Get FREE, full access to MoneyTips.com

Answered by

Related Questions

Q&A
Asked by Jenniferlangham