{"id":490,"date":"2023-01-02T18:47:39","date_gmt":"2023-01-02T18:47:39","guid":{"rendered":"https:\/\/mortgagestogo.ca\/blog\/?p=490"},"modified":"2022-12-13T02:02:32","modified_gmt":"2022-12-13T02:02:32","slug":"choosing-the-right-mortgage-type","status":"publish","type":"post","link":"https:\/\/mortgagestogo.ca\/blog\/choosing-the-right-mortgage-type\/","title":{"rendered":"Choosing the right Mortgage type for you and your family | MORTGAGESTOGO.CA"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lbfigems-c24c82d15948c7aa79d04455c6112d59\">\n#top .av-special-heading.av-lbfigems-c24c82d15948c7aa79d04455c6112d59{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lbfigems-c24c82d15948c7aa79d04455c6112d59 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lbfigems-c24c82d15948c7aa79d04455c6112d59 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lbfigems-c24c82d15948c7aa79d04455c6112d59 av-special-heading-h1 blockquote modern-quote modern-centered  avia-builder-el-0  el_before_av_textblock  avia-builder-el-first '><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Choosing the right Mortgage type for you and your family<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<section  class='av_textblock_section av-lbcl1pvx-2c0ff336393d10dde3231cdc5405991b'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><span style=\"font-weight: 400;\">A mortgage is a significant financial decision that shouldn&#8217;t be made lightly. There are various types of mortgages, each with its own advantages and disadvantages. You need to select the right mortgage for you and your family based on your current financial situation and long-term goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We&#8217;re here to help make sense of mortgages. We&#8217;ll go over the different types of mortgages and assist you in choosing the best one for your needs. So let&#8217;s get started!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The different types of mortgages<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are two primary types of mortgages: <a href=\"https:\/\/mortgagestogo.ca\/blog\/variable-vs-fixed-mortgage-rates-mortgage-mortgagestogo-ca\/\">fixed rate and variable rate<\/a>. A fixed-rate mortgage entails that your interest rate (and monthly payment) will stay the same for the duration of your mortgage. This could be for a minimum of five years or as long as 30 years. On the other hand, a variable rate mortgage has an interest rate that fluctuates based on the real estate market or other predetermined conditions at pre-determined intervals. The most frequent intervals are yearly, but some mortgages adjust every six months, three months, or even monthly!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The benefits and drawbacks of both types of mortgages should be considered before making a decision on which one works best for you and your family, depending on your financial situation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re intending to stay in your house for an extended period and you prefer monthly payments that stay the same, then a fixed-rate mortgage is probably the best option for you. On the other hand, if you believe you might move in a few years or you want lower initial payments with more flexibility, then a variable-rate mortgage could be a better fit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are, of course, other things to think about when picking a mortgage type &#8211; like the kind of property you&#8217;re buying (a condo might need a different mortgage than a single-family home, for example) and if you have any big renovations planned in the near future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A qualified professional can help you determine which type of mortgage is best for you by assessing your individual situation and making recommendations based on their expertise.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Deciding on the right mortgage type for you<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are many different types of mortgages available to homebuyers, each with its own set of pros and cons. The right mortgage type for you will depend on factors such as how long you plan to stay in your home, your financial situation, and your overall goals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you&#8217;re intending to stay in your house for a while, you should think about getting a fixed-rate mortgage. With this type of mortgage, the interest rate will stay the same throughout the life of the loan no matter what happens to market rates. This stability can be advantageous if interest rates go up later on.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An adjustable-rate mortgage (ARM) could be a good option if you think there\u2019s a chance you may sell your home or refinance within a few years. ARMs typically have lower initial interest rates than fixed-rate mortgages, but the rate may change annually after an introductory period (usually 3, 5, 7, or 10 years). This type of mortgage may be riskier if rates rise sharply after you\u2019ve already locked in a low rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are also government-sponsored mortgages accessible through programs, such as FHA loans and VA loans. These loans typically have more relaxed credit and down payment requirements than traditional mortgages, making them a viable choice for first-time homebuyers or people with less-than-perfect credit histories.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The best way to determine which mortgage is ideal for you is to communicate with a lender and investigate all of your possibilities. They can help you compare interest rates, monthly payments, and other essential elements to locate the loan that best meets your requirements and objectives.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">The pros and cons of each mortgage type<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are numerous types of mortgages available to homebuyers, so it can be difficult to decide which one is best for you. To assist you in making the most informed decision for your circumstances, here is an overview of the advantages and disadvantages of four popular types of mortgages:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A fixed-rate mortgage is a loan in which the interest rate on the note will remain the same throughout the entire term of the loan, as opposed to loans in which the interest rate may adjust or &#8220;float&#8221;.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The advantages of a fixed-rate mortgage are that your monthly payments will stay the same for the life of the loan, so you can budget accordingly. This type of loan also offers predictability and stability, which can be especially helpful if you are on a tight budget.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the main disadvantages of a fixed-rate mortgage is that they often have higher interest rates than other types of loans. Consequently, you may end up paying more in interest over time. If interest rates go down after you get a fixed-rate loan, you&#8217;ll be stuck with the higher rate unless you refinance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The advantages of an ARM: They usually have a lower interest rate than a fixed-rate mortgage, so your monthly payments will be lower when you first start. This can be helpful if you only anticipate living in your home for a few years or think that interest rates will decrease eventually.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main downside to an ARM is that the interest rate could rise over time, which would then raise your monthly payments. If interest rates go up a lot, you might have trouble making your payments and could even end up in foreclosure. ARMs also have a tendency to come with higher fees and closing costs than other types of loans.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">30-year fixed-rate mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The 30-year fixed-rate mortgage is the most common type of home loan. It allows borrowers to have a fixed monthly payment for a long period of time. However, because the loan is spread out over 30 years, you will end up paying more interest than you would with a shorter-term loan.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">15-year fixed-rate mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are several advantages for homeowners when they get a 15-year fixed-rate mortgage:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You&#8217;ll pay less interest in total over the life of the loan because you&#8217;re borrowing for a shorter term when you get a 15-year mortgage. However, there are both pros and cons to this type of mortgage. Read on to learn more about them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a number of ways to automate your blog posts, but the most common is using a plugin or software that will help you publish your content automatically. There are a few things to keep in mind if you&#8217;re thinking about using an automated blogging solution. First, you&#8217;ll want to make sure that the software or plugin you&#8217;re using is compatible with your blogging platform. Second, you&#8217;ll need to have a plan for creating and curating content. And finally, you&#8217;ll want to consider how you&#8217;ll promote your blog posts once they&#8217;re published.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Your monthly payments will be lower than with a 30-year mortgage because you\u2019re paying it off over a shorter period of time. This means that you\u2019ll save money in the long run by not paying interest for as long.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-The amount of interest you&#8217;ll accrue will be lower since you&#8217;re borrowing for a shorter term. In fact, you could save as much as $40,000 or more in interest over the life of the loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You could potentially refinance at a lower rate if interest rates have decreased since you got your current mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are a few things to keep in mind if you&#8217;re thinking about using an automated blogging solution. First, you&#8217;ll want to make sure that the software or plugin you&#8217;re using is compatible with your blogging platform. Second, you&#8217;ll need to have a plan for creating and curating content. And finally, you&#8217;ll want to consider how you&#8217;ll promote your blog posts once they&#8217;re published.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-Since you have less time to pay it off, your monthly payments will be higher than they would be with a 30-year mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-You&#8217;ll likely have to pay for private mortgage insurance (PMI) if your down payment is less than 20%.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Adjustable-rate mortgage (ARM)<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">An adjustable-rate mortgage&#8217;s interest rate varies along with the market. They&#8217;re usually a good option for people who are going to sell their homes or refinance before the initial fixed-rate period is up. If you think you might do either of those things, an ARM could save you money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An ARM&#8217;s initial interest rate is usually lower than the rate on a comparable fixed-rate mortgage, making them a good choice for people buying homes and refinancers with equity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The monthly installments on an ARM are lower during the introductory phase\u2014usually five, seven, or ten years. However, the interest rate can rise considerably after that initial period. At that point, your monthly payments will most likely increase, which can put a strain on your budget.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">FHA loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">FHA loans are a great option for first-time homebuyers or buyers with challenged credit. With as little as 3.5% down*, you can buy your home and still have money left over for repairs or upgrades. That can be extremely helpful if you&#8217;re buying a fixer-upper or a home that needs significant improvements.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">VA loans<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">VA loans are home mortgages that are backed by the U.S. Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, without having to pay for private mortgage insurance (PMI).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can get a VA loan through participating lenders like banks, credit unions, and mortgage companies. You need a VA loan eligibility certificate (Form 26-1880) to get a VA loan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The VA guarantees a portion of the loan, which protects the lender from a loss if the borrower defaults on the mortgage. The VA home loan guarantee program was created in 1944 to help to return service members transition to civilian life and purchase homes. The program has since helped millions of veterans and their families achieve the dream of homeownership.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">MortgagesToGo.ca<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Website<\/span><\/td>\n<td><a href=\"http:\/\/mortgagestogo.ca\/\"><span style=\"font-weight: 400;\">Mortgagestogo.ca<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Services<\/span><\/td>\n<td><span style=\"font-weight: 400;\">New purchase, refinancing and equity takeouts, mortgage transfer, mortgage renewal Rates<\/span><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">\u00a0<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rates<\/span><\/td>\n<td><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">https:\/\/mortgagestogo.ca\/mortgage-rates\/<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Address<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12 Royal Vista Way NW #1110, Calgary, AB T3R 0N2<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Contact Details<\/span><\/td>\n<td><span style=\"font-weight: 400;\">(888) 888-5998<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Operating Hours<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Monday &#8211; Friday 9 AM &#8211; 5 PM<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>If you are unsure which mortgage type would be best for you, and your family, check out the multiple different mortgages types we have.<\/p>\n","protected":false},"author":3,"featured_media":491,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[12],"tags":[79,67,78],"class_list":["post-490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-fixed-rate-mortgage-2","tag-mortgage-types","tag-variable-rate-mortgage-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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