Which Type Of Mortgage In Dayton Ohio Is Best For You?

Each type of mortgage in Dayton Ohio offers advantages and disadvantages. Choosing the one that makes the most sense for you will depend on your particular situation.

If you are buying a home in Dayton that you expect to live in for a long time, and if interest rates are low (or if you can negotiate a lower interest rate), a Dayton fixed-rate mortgage is likely to be the best loan for you. Though your initial costs might be slightly higher with this mortgage than with another, higher interset-rate loan, you will pay significantly less in interest over the life of the loan with a fixed rate. The fixed-rate mortgage is a clear advantage if you expect to keep your house (and mortgage) for many years (and especially if you anticipate staying in one house until you’ve paid off the loan).

If you know you will be moving--because of a company transfer to another city, or because you anticipate buying a larger house to raise a family, for example--Dayton adjustable-rate mortgages can keep your monthly housing costs down. You are likely to have to pay less money up front, and you’ll likely get an attractive low rate initially on the loan. Because you don’t expect to keep the mortgage in Dayton Ohio for the full fiteen or thirty years, you will not be hurt by any rise of interest rates that may affect this loan.

Likewise, if you are certain of a move within the period of the Dayton ballon loan, a balloon mortgage may make sense. You can find attractive rates that will help keep your monthly costs down. However balloon mortgages will probably cost you more in the long run if you keep the loan through the end of the balloon period. If you expect to be in your home for a significant period of time, this should be your last choice for a mortgage in Dayton Ohio.

Questions about mortgage services?  Call or email me and I'd be more than happy to help you find the right mortgage for your situation so you can get the home of your dreams.

Phone:  937-382-2617
Cell:  937-218-0011
email:  willallen@usavingsbank.com