Best mortgage for short term living.

If you are planning to buy a home or refinance but plan to only live there for a few more years, what mortgage is best for you?

Considering an interest only option is recommended as well. There are ARMs available with interest only periods, and this combination will often get you a great rate as well.

For people who are planning to live in their home for 5 years or less, an Adjustable Rate Mortgage may an option that allows you to receive a lower interest rate than a traditional thirty year fixed mortgage.

For an initial period of time, usually ranging from 2 to 5 years the interest rate and monthly payments are fixed. The remaining years on the life of the mortgage the interest rate may adjust to market rates or even higher.

This loan is the perfect solution for the individual who will only be living in their home for several more years because they can reap greater monthly payment savings utilizing the lower rate of the adjustable mortgage and they will have sold their home before the adjustment period begins.