Once you have decided to join the ranks of homeowners, you need to decide what type of mortgage is right for you. The most conventional choice for home loans is the 30-year mortgage. The 30-year mortgage started to grow in popularity in the 1950s and quickly became the loan of choice. While the 30-year mortgage is still the standard, the 15-year mortgage may be something to consider for new homeowners.
Various factors enter a borrower’s decision-making process when it becomes necessary to obtain an ARM (Adjustable Rate Mortgage) or a FRM (Fixed Rate Mortgage) to finance a home purchase or refinance an existing mortgage; and on some occasions, not all factors are known to the decision maker until s/he is in the presence of a bank or mortgage lender representative.