Good Mortgage

The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also "biweekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Fixed rate fully amortizing loans have two distinct features. First, the interest rate remains fixed for the life of the loan. Secondly, the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.

During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.

Current 30 year fixed rates are running from 5.8% to 6.25% depending on the lender and your FICO score. Be sure to shop around for the best rate. Avoid Adjustable rate mortgages and loans from sub prime lenders.

It is also important to shop for your homeowners insurance as the yearly rates vary widely company to company. 

With some builders it is also possible to save some money by using their sales people and recommended mortgage companies. Otherwise check the references of a few agents and mortgage companies, interview them and then choose the one you want to work with.

Good luck and best wishes. 

The best mortgage is variable rate bi-weekly.  Two reasons for such a mortgage:

1.  Paying every two weeks actually keeps the calculation of the compounding into your favour, and you can see yourself chipping away at the mortgage in a very visual and physical manner.

2.  Variable as for most people, when interest rates are increased, there is no real long term change to their real income, only their nominal income.  Basically, interest rates go up a little, and people's incomes go up by the same amount in the long run, so it is not an issue.

Fixed rates are favoured by many people for a variety of reasons.  The first is the overall fear that the interest rate will skyrocket overnight in a short period.  Historically hasn't happened, but it is a risk that people choose not to manage, and only eliminate.

Of course, interest rates have not gone up, it is that mortgage providers are no longer extending credit to higher risk individuals.  In fact interest rates have gone down.

a good mortgage is one that doesnt last long -_-  Finding an early mortgage payoff plan or using a money merge account can be a good way to speed up the process, which will save you tons of money in the long run. whatever the case, make sure you get a low % and lock in. see what the typical going rate is and try and find something a little bit below. best of luck!

A good mortgage these days is called a miracle

Other determining factors for your mortgage modification :

* Number of incomes – are you the only one with a monthly income?* Retirement* College fund * Other investments – is now the right time to buy? * Home repairs – is the house new or old? * Are there H.O.A fees or covenants that require some form of payment? * Insurance * Stable income or does it fluctuate based on seasonal factors or is just up and down * FICO Score

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