When shopping for a mortgage, consumers have more choices than ever before. Many lenders in Prescott, AZ and Prescott Valley, AZ now offer specialty mortgages that help make homeownership more affordable but have risks that consumers should fully consider. For most consumers, the traditional fixed-rate mortgage and adjustable-rate mortgage (ARM) are still the best options. However, even these traditional financing options require a number of important decisions. Should you get a 15 or 30 year loan? Should you get a fixed-rate mortgage to lock in today’s interest rates for the term of the loan – or take an adjustable-rate loan with a lower current rate and payment, but with the risk of rate and payment increases in the years ahead?
There is an abundance of information available, including: