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A lower interest rate for anyone carrying a mortgage is awfully tempting. Who doesn’t want to pay less each month? Plus it seems everyone is doing it. But refinancing your mortgage really depends more on you, that what today’s interest rates are showing.
Unless you’re one of the approximately 20% of home buyers who pay cash for their property, you’ll be shopping for a mortgage when buying your new home. It can be…well, confusing. There are a lot of options. Some right for you, some not. To help clear things up, we’ll go through the pros and cons of each of the major mortgage types to help you make a decision or spur further research.
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