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How long do I plan on being in this home?

Answer this question before you select your mortgage. When you get a mortgage you can choose between an adjustable rate mortgage (ARM) or a fixed rate mortgage. ARMs usually have 1 to 7 year terms while fixed rate mortgages range between 10 and 30 years.

If you’re planning on being in your home less than seven years, an ARM may be a wise choice. Here’s why:

ARMs generally have lower interest rates than fixed rate loans. If you’re planning on moving in five years, there’s no need for you to pay the higher rate of a 30 year mortgage.

If you have questions or don’t quite know if you should select an ARM or a fixed rate mortgage, contact your local Heritage branch — we’re happy to help.

Have questions about mortgages?

Mortgage Resources:

Visit our Home Loan webpage to see all of our mortgage resources, or see today’s mortgage rates.

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