Fixed or Adjustable, Long Term or Short Term

Mortgage Decisions Made Simple

What mortgage is best for you?  How do you get that Goldilocks feeling that you did it “Just right”?  It is not as difficult as you might expect and is usually figured out with just a few questions.  For instance, you call me and ask, “Mike, what type of mortgage will work best for me?”  I will answer your question with questions of my own.  The following are three examples of what mortgage is best for you.  1) I ask is it a purchase or a refinance?  You tell me it is a purchase.  I ask if you will make this property your primary residence?  You answer that it will be.  I ask if you plan on owning the home for long term?  You reply that you will keep the home for more than five years.  Then I suggest a fixed rate conforming loan (this, of course, would also mean you had good credit, income and sufficient funds for down payment and closing costs).  2)  If your answers were:  Yes it is a purchase, no you will not keep the property long term, nor will you live in it, your credits not bad, but not great, but you do have plenty of money for the down payment and closing costs….then I would suggest a fix and flip mortgage with the lowest points available.  3)  If your answers were:  You are over 62, you need cash out to consolidate a few bills and you need cash available, just in case, for emergencies.  Then my answer would be an adjustable rate “Reverse Mortgage”.  That way, you would have no mortgage payment (it would be taken out of the equity of your home).  You would still be responsible for the payment of property taxes and home owners insurance, but even if you use all the equity in your home, you would still be able to live in it until your death!  There certainly would be more questions by me, to you, to find what mortgage is best for you, (and there are many more mortgage types to discuss) but rest assured, we would get the right one!  If you have questions on which mortgage is best for you and your current situation, then call me, Michael Mitchell at 530-406-2200, 707-259-1117 or my cell at 707-337-5970 today!  Evenings after work hours and weekends are fine, just use the cell phone please.  Let’s talk soon!