The VA offers many different loan plans. You can make the best option for your situation. If you want to stay in the home for a long time, the fixed rate loan is a preferable choice. If you are planning to stay for a short time, a ARM is more preferable. If your income is fixed, it may be better to choose the ARM. If your income is variable, you may want to choose the fixed rate. Another factor for consideration are job prospects, for example, will you be changing jobs? Make sure you think about the positives and negatives before making an option.
- Everyone would have to choose which loan options works best for them including choosing loans like the VA which offers both fixed rate and adjustable rate loans.
- To choose the right loan, one has to know what his plans are for the long term, whether they are staying for a few years or long term.
- For those who plan on staying for a long time, the fixed rate loan is a great choice because it will take the worry away from adjusting interest rates.
“If you plan to move in the short-term, an ARM may make sense.”