<p><strong>1021. Looking for a mortgage but are unsure what’s best for you? </strong>Laura answers a question from a listener who’s ready to buy a home but is overwhelmed by mortgage choices. Find out whether a fixed- or adjustable-rate loan, with or without mortgage points, is right for you.</p><p><strong>Key Takeaways:</strong></p><ul><li>Fixed-rate mortgages are popular because they lock in a rate, providing financial stability no matter what happens in the economy.</li><li>Adjustable-rate mortgages (ARMs) can be good when interest rates are high, you don’t expect to own your home for the long term, or you can pay it off early.</li><li>Conventional loans are the most common type of mortgage because they’re backed by federal agencies, reducing risk for lenders.</li><li>Jumbo loans are high mortgage amounts that aren’t federally-backed and typically require stricter qualifying criteria by lenders.</li><li>There are various loans backed by the federal government, including FHA, VA, and USDA products, that come with lenient underwriting standards, making homeownership more affordable.</li><li>Buying mortgage points allows you to get a lower interest rate, which saves money if you own the property past the breakeven point.</li></ul><p><strong>Upcoming Wedding Series Coming Up:</strong> We want your questions about wedding finances! Whether you're the bride, groom, or a guest, send us your questions about budgeting for the big day. Email: [email protected] or leave a voicemail: (302) 364-0308.&nbsp;</p><br><p>Discover more from Money Girl!</p><p><a href="https://www.facebook.com/MoneyGirlQDT" rel="noopener noreferrer" target="_blank">Facebook</a></p><p><a href="https://www.quickanddirtytips.com/newsletters" rel="noopener noreferrer" target="_blank">Newsletter</a></p><p>Transcripts available at <a href="https://www.quickanddirtytips.com/transcripts/money-girl/" rel="noopener noreferrer" target="_blank">QuickandDirtyTips.com</a>.</p><p>Email: <a href="mailto:[email protected]" rel="noopener noreferrer" target="_blank">[email protected]</a> or leave a voicemail: (302) 364-0308.</p><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>