Have you noticed how interest rates have been changing over the past 12-18 months, leading to a shift in conventional thinking around home purchases and mortgage options? In this episode, we delve into this evolving landscape and explore the new considerations that arise when it comes to choosing the right mortgage product.
Once upon a time, a 30-year fixed mortgage seemed like the go-to choice for almost every situation, while adjustable-rate mortgages held little appeal. But with rates significantly higher than a few years ago, there are now alternative mortgage instruments that are worth considering, even for physicians who were previously advised against them. So, who should consider an adjustable-rate mortgage, and what do you need to know about options like the 5/1 ARM or the 7/1 ARM? When might renting be a better option than buying, and how can you reduce the amount of interest you pay while still building equity? Listen in as we explore these pressing questions and offer valuable insights to help you make informed decisions in this changing landscape of mortgage financing.
What You’ll Learn In Today’s Episode:
- Who should consider an adjustable-rate mortgage.
- Why fixed rates are not as popular anymore.
- What you need to know about a 5/1 ARM or a 7/1 ARM.
- When you may want to consider renting over buying.
- How to reduce the amount of interest that you’re paying while still building equity.
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