Weighing the Pros and Cons: Best Mortgage Options for New Homeowners - The Daily Scroll

A mortgage officer can help you weightheprosandcons of different down payment options. View rates, learn about mortgage types and use mortgage calculators to help find the loan right for you. Prequalify or apply for your mortgage in minutes.Fixed-rate mortgage. A home loan with an interest rate that remains the same for the entire term of the loan. While homeowners must pay all utilities themselves, some landlords pay for heat, water, or trash removal, or you cover a portion of it as part of the rent. You pay the landlord’s mortgage but you don’t own anything. You don’t build any equity with renting. Pro: No responsibility for maintenance and repairs. When something breaks at a rental property, the landlord is usually responsible for fixing it. For tenants, this means less expense and less hassle than homeowners face in similar situations. BestMortgage Deals For Homebuyers. How To Understand Mortgages. Now the five-year ARM looks even better – assuming you’re the right kind of borrower. According to the BankingMyWay.com survey, five-year ARMs charge a mouth-watering average interest of 3.175%, while 30-year fixed-rate mortgages charge 4.657%.