Be prepared to rethink everything.
While Holbert said most buyers go with a 30-year fixed mortgage because of the stability it offers , she also explained that"
this too depends on your personal situation. ... There are lots of other options out there that you should discuss with your lenderThe second-most common mortgage is an adjustable-rate mortgage, which usually has a lower initial interest rate than a fixed mortgage but then fluctuates — resulting in varying monthly payments.On the surface, the mortgage with the lowest interest rate seems like the obvious choice but there is a whole lot more to consider when choosing a loan.
Often, the loans with the lowest interest rates are adjustable-rate mortgages, meaning the interest rate isn't fixed and can jump around after a period of time. Again, it really depends on your situation: how long you expect to own the house, if you expect you'll be able to pay off the house quickly, and if you're expecting an income increase in the next couple years.Don’t buy until you find your dream home.Vaulted ceilings, a claw-foot tub, and a two-car garage may be on your wish list, but just because you're not finding yourYour dream house may be a couple houses away.
. You’ll want to weigh out your needs vs. wants when evaluating any home to make sure it’s worth the investment in the short run," said Holbert.Tap to play or pause GIFIf you're handy — or are up for the challenge — it may be tempting to buy that noticeably less-expensive fixer-upper. But, Holbert warned,"A fixer-upper gives you the opportunity to spend less up front, but you’ll have to put the money and construction time into it. You also have to keep an eye on your budget.
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