So which one really is better? If you’re going to stay in your home for 30 years or more then fixed rate loan will usually give you a better deal. As your income increases, you won’t have to worry about fluctuating payments so you can put any extra cash towards savings accounts and retirement funds. Otherwise, it depends on how you feel about your monthly payments. If you think that you can get a better deal by playing against market rate in hope that you’ll end up with much lower payments at some point, then you should get an adjustable rate loan.

Talk to a financial advisor or a loan officer about your concerns before decide to get most up to date options on both types of loans.

One of these methods will sure work for your so don’t hesitate to get preapproved for your home mortgage today.

Can you avoid private mortgage insurance with less than 20% down?

In past, only way to avoid paying monthly private mortgage insurance (PMI) premiums was to have put at lease 20% down on your home mortgage. Today, many home mortgage lenders have created a variety of creative financing packages to help you get approved for your loan and avoid PMI even if you put down less than twenty percent.