If a question was posed to you today about your choice of the most affordable mortgage type and the mortgage types given to choose from were, an Adjustable Rate Mortgage (ARM) – including 1-Year ARM, 3-Year ARM, 5-Year ARM, 7-Year ARM and 10-Year ARM), a 10-Year Fixed Rate Mortgage, 15-Year Fixed Rate Mortgage, 20-Year Fixed Rate Mortgage, 25-Year Fixed Rate Mortgage, or 30-Year Fixed Rate Mortgage – What would your choice be?
If you selected 30-Year Fixed Rate Mortgage as the most affordable mortgage type and then learned that some politicians were considering (or at least discussing) certain regulations that would eliminate the 30-Year Fixed Rate Mortgage as a financing option for home buyers – especially first-time home buyers – what would your reaction be? Disappointment? Acceptance? Acknowledge and move on?
Well, however you may have responded to questions in the above paragraphs, you may be interested in this New York Times article, “Who Wants a 30-Year Mortgage”? By BETHANY McLEAN, Published: January 5, 2011. The article begins with this following sentence:
Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. Read more
A Message to Prime Mortgages Readers:
Thank you for your support. We will continue working to provide the most relevant and useful information about current FHA-insured programs and related topics. Please provide any comments, opinions or preferences which you would like us to be aware of. Thanks and God Bless! Javeton
For more about 203k, please visit the HUD website
Click the TOM-SL button to subscribe to 3-in-1mortgage information services. This is a free service!