• The lower your mortgage rate, the less interest you will pay over the term of your home mortgage (with a fixed rate mortgage)
• The more rent goes up, the more you may save by owning a home (with a fixed rate mortgage)
• The longer you plan to stay in your home, the more likely it is that you would benefit by buying rather than renting
• The interest you pay on a mortgage may be tax deductible as well. Consult your tax advisor about the deductibility of mortgage interest.

• Your base monthly mortgage payment (principal and interest) will always stay the same (although your taxes and insurance may change)
• The more rents go up, the more you may save by owning a home (with a fixed rate mortgage)
• If you stay in your home for a long time, a fixed rate mortgage may be more affordable than an adjustable rate mortgage
• A fixed rate mortgage locks in your interest rate for the life of your loan.
• Prequalify here

With an adjustable rate mortgage, you get a lower interest rate for an initial time period (usually the first 1, 3, 5 or 7 years). After that, your interest rate will reset at the market rate. Most ARMs have caps that limit how high the interest rate can go. Make sure you will be able to afford your payment if your interest rate reaches that cap.

• AnnieMac Home Mortgage can get you pre-qualified to help you determine how much you can afford to pay on a mortgage. We'll ask you questions about your income, debts and expenses.
• While a pre-qualification estimate is not a guarantee to lend, it does help you set your price range, your budget, and how much you can put toward a down payment.
• Prequalify here