Myth: Thirty-year fixed-rate mortgages are always the best.
Although the 30-year fixed-rate mortgage is a popular option, it may not be right for you.
Adjustable-rate mortgages (ARMs) get a bad reputation because the interest rate can fluctuate. However, these types of loans have rate caps to limit how high the interest rate is able to go. If you’re not looking for a permanent home, some ARMs may be more suitable.
All situations are different. We’ll help you understand all the terms before deciding which type of loan is right for you.