With almost two hundred different options available for your next mortgage, how do you choose the right one for you? After a closer examination, though, you’ll find that there are actually only about six or seven basic types of home mortgages. You’ll want to base your decision on several key factors, including your current monthly income, your future expected income, current assets, and your liabilities or debts.
Another choice to make is whether you want to gamble on an interest rate that changes (adjustable-rate mortgage). Would you feel more at ease paying the same amount each month? Once you decide on that, then you can move on to the basic mortgages that are offered: