Joe McConnell
8. Plan for the Future
When choosing a mortgage, it’s important to consider your long-term plans. Your future goals and financial situation can influence the type of mortgage that’s best for you.
Length of Stay
Consider how long you plan to stay in your home. If you expect to stay for a long time, a fixed-rate mortgage may be a better option, providing stability and predictability in your payments. If you plan to move within a few years, an adjustable-rate mortgage might offer lower initial payments, allowing you to save money upfront.
Career and Family Plans
Think about how your career and family plans may impact your financial situation. If you expect changes in income, such as a job change or family expansion, choose a mortgage that provides flexibility in your payments.
