30 year fixed. You know the monthly payment will not change for the next 30 years. You can always add extra any month to go toward the principle and pay the mortgage sooner.
The best is a 20 year fixed if you can handle the payments. The 30 year fixed is also good. There has been a lot of news lately about mortgage crisis in America and house prices have depreciated. Adjustable rate mortgages have been very bad for a lot of people. You really have to understand what you are signing. Adjustables are good if you are really really sure the prices are going to increase. So you would be better with a 30 year fixed. You have a tax advantage at the end of the year with purchasing a home. You can write off the interest you paid from Jan thru Dec.
The difference between the regular fixed and a jumbo is just the amount of the mortgage — beyond a certain financed amount, there are special rules and the mortgage will be a jumbo. (There are fixed and variable jumbos.)
Jumbo limits are set by Fannie Mae (OK, technically set by the Office of Federal Housing Enterprise Oversight office) and are currently $417000 for the US lower 48 states, so if you are borrowing more than that on a mortgage you will probably end up with a jumbo.
Jumbos have different interest rates as well, but they change daily so I won’t try to quote them to you…
April 27th, 2010 | 
Author: 
Posted in Mortgage FAQ
I vote for fixed…no surprises with a fixed rate!
30 year fixed. You know the monthly payment will not change for the next 30 years. You can always add extra any month to go toward the principle and pay the mortgage sooner.
FIXED. THE INTEREST RATES ARE GREAT NOW.
The best is a 20 year fixed if you can handle the payments. The 30 year fixed is also good. There has been a lot of news lately about mortgage crisis in America and house prices have depreciated. Adjustable rate mortgages have been very bad for a lot of people. You really have to understand what you are signing. Adjustables are good if you are really really sure the prices are going to increase. So you would be better with a 30 year fixed. You have a tax advantage at the end of the year with purchasing a home. You can write off the interest you paid from Jan thru Dec.
fixed. definately.
of course the more years you go, the more interest you pay in the long run
but yeah i have a 30year fixed on my home, and everything is reliable and steady.
dont do jumbo.. cause they can surprise you and increase it some months n it gets all confusing..
go now though! interest rates are decent
The difference between the regular fixed and a jumbo is just the amount of the mortgage — beyond a certain financed amount, there are special rules and the mortgage will be a jumbo. (There are fixed and variable jumbos.)
Jumbo limits are set by Fannie Mae (OK, technically set by the Office of Federal Housing Enterprise Oversight office) and are currently $417000 for the US lower 48 states, so if you are borrowing more than that on a mortgage you will probably end up with a jumbo.
Jumbos have different interest rates as well, but they change daily so I won’t try to quote them to you…
https://www.efanniemae.com/sf/refmaterials/loanlimits/jumboconf/xls/loanlimref.xls
I’m voting for fixed.