Myth: It’s always best to get a 30-year fixed-rate mortgage.

Wrong again. The 30-year fixed mortgage is certainly a popular option, but there are many mortgage options out there. Something besides a 30-year fixed rate mortgage might be better for your needs, perhaps offering a short-term solution (and super low rate) if you know you’re only going to live in an area for a couple of years.

Because each situation is unique, you should talk with several lenders to determine the best loan options for you, taking into account your financial readiness, how long you plan to own the home, and other factors.

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