When considering such an important decision, it is best to explore all possibilities. It may well be that a fixed rate is the best type of loan program. It may also be that you can save a significant amount of money by exploring alternative adjustable pro-grams. A full service lender with relationships throughout the mortgage industry is a must in today's market. Lenders need the flexibility of the small business owner with the clout of a large company.
Today there are almost as many different programs as there are housing options.
A few considerations are anticipated time in the home, available asset base, current income situation vs. Future income situation, etc. It is wise to pick a program that fits YOUR lifestyle. It is important to note that this savings is due to repaying the loan in half the time. The savings is not due to a significant savings in interest rates. You would expect that there would be a much lower interest rate since the loan has a quicker repayment and therefore, a loan with less risk.