Choosing between adjustable-rate, interest-only mortgages

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: My wife and I can barely qualify for a home mortgage. We are immigrants and can't believe after just three years in the U.S. we are on the edge of buying our first home. As you often suggest, we applied for mortgage pre-approval before looking for houses. The mortgage company offered us pre-approval for either an adjustable-rate mortgage or an interest-only mortgage (which has an adjustable interest rate). When we find a house we want to buy, which type of mortgage should we get? – Mario T. DEAR MARIO: Congratulations on almost buying your first home after just three years in the U.S. Your situation shows how virtually anyone can buy his/her own home. Purchase Bob Bruss reports online. It's amazing how you quickly discovered the home ownership opportunities here, whereas many U.S.-born residents complain they can't afford to buy a home. There is no right or wrong answer to your question. If you plan to stay in your first home less than 10 years, you might prefer a...