Asked by Steffanie  |  Submitted August 14, 2015

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

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  Answers  |  1

August 14, 2015

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!

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