Market uncertainty has kept interest rates low. Over the last couple of months, several prospective Physician homebuyers may ask same question, “Should I take a Fixed Rate or should I consider an Adjustable Rate Mortgage?”
While much depends on your personal financial goals and objectives, there are five questions that might provide some guidance:
- Are you planning to stay in your home for more than 5 years?
- Would you like to pay off your mortgage early?
- Would you like to eliminate debt and improve cash flow?
- Do you know how your present loan fits in with your overall financial plans?
- Will my rate or term improve?
Depending on how you answer to any or all of these questions will determine if an Fixed Rate or ARM Doctor Loan is right for you.