What is the best way to finance a home?
My husband and I are getting ready to buy our first house, and we need advice. Should we do a 15 year mortgage or a 30 year mortgage? Or are there any alternatives in the home-buying process?
A well known, experienced financial adviser named Dave Ramsey recommends a 15 year fixed rate mortgage, if you are unable to pay in full. I think it would be helpful to check out his website if you are unfamiliar with him and his work. Just search "dave ramsey" and his website will come up. I would add a link here, but Hubpages won't allow it. Best wishes.
I would do a conventional fixed rate 30 year mortgage. You can always find out what the payment would be on a 15 year mortgage then make payments of that amount on the 30 year. That way if unforeseen financial situations crop up you are not locked into the larger payment.
Don't go for a variable rate as the rate rarely goes down and often skyrockets changing your payment. Also be sure and add taxes and insurance in with the payment--that relieves you of having to worry for those payments.
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