The most important tip when choosing a mortgage is to find a loan that fits your budget. In doing so, you need to consider the loan term, interest rate and monthly payments. Dave Ramsey tells people that your monthly mortgage payment (including taxes and insurance) shouldn’t exceed more than 25% of your take home pay. Unfortunately, many people get themselves into trouble by purchasing too much house which can create a lot of financial stress. Following the 25% guideline will help insure you can meet other important expenses each month.
There are two basic types of mortgages: fixed rate and adjustable rate mortgage (ARM). Fixed rate mortgages are by far the most predictable. The payments are static and allow for easier budgeting of your monthly house payment. ARM’s typically attract people because of the lower initial interest rate. However, ARM’s fluctuate with the market and can lead to higher monthly payments which can sometimes make a mortgage payment unaffordable. In almost all cases, stick with a fixed rate mortgage.
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