Hi, I am Chris Allison and I am with Martha Vineyard Savings Banks. I had been in banking for over 20 years and you can access the bank’s website at www.mbank.com. Hi, I am Chris and I am here to help you choose the right mortgage and today as well there are many mortgage options, but all goes down to about three

The first one is a fix-rate mortgage where the interest rate is for term of the loan, the second is variable rate mortgage and to those loans, the interest rate is fixed for a period of time and adjusts every so of to it, and the last billing type is interest only and that is usually a fix-rate or a variable rate or some combination thereof.

For you, deciding what mortgage works best is not as simple as saying this is the one I can afford. Think about your home and it is mortgage value and how long what you want your home top be paid off. For you, ultimately what you do want to have in the end is what is going to decide what mortgage type you would like. For example, if you have younger children and you think that it when they are in college age, you would like to have your home paid off or perhaps you would like a fix-rate mortgage, for let us say 15 years. If does not a goal, you might be willing to take a lower payment and spread your fix-rate payments out over 30 years. So, it is an example of trying to make some and put some planning in place to what mortgage that best suit you.

If you think you are going to be in your home for one to three years, a variable rate loan is probably best for you and the payment perhaps could be lower as the result of to that. If you think you are going to be in the home for year entire life and you would like to just pay your loan off in your lifetime, then perhaps a 30-year mortgage is right for you. But at the end, if the person to speak to you that is going to have your best interest and have is your mortgage broker or your banker and they will help you decide to determine, which mortgage is right for you.