---
title: Which Mortgage is Right for You - Adjustable-Rate, Interest-Only, or Fixed-Rate?
description: You've found the home you want and you're ready to buy - but how do you determine what kind of mortgage is best for your budget and lifestyle?
---

[Learning Center - Carrington Mortgage Services](https://info.carringtonmortgage.com/information-center)

# [Which Mortgage is Right for You - Adjustable-Rate, Interest-Only, or Fixed-Rate?](https://info.carringtonmortgage.com/information-center/which-mortgage-is-right-for-you-adjustable-rate-interest-only-or-fixed-rate)

 Written by <https://info.carringtonmortgage.com/information-center/author/marketing> | Jan 2, 2020 6:38:17 PM

You've found the home you want and you're ready to buy - but how do you determine what kind of mortgage is best for your budget and lifestyle?

It can be tempting to secure a loan with adjustable interest rates and lower initial monthly payments. In some circumstances, an interest-only loan with its lower monthly payments could make sense. A fixed-rate mortgage is usually more expensive to start, but is it best in the long run?

There are several questions you should consider before you decide:

- Have you thought about how long you plan to stay in your home?
- What is the current interest rate environment?
- Could you still afford a monthly payment if it increases dramatically?

Bottom line - all three loan types *might* make sense for you in the right circumstance. As with any significant financial transaction, however, be sure that you understand the impact that the mortgage you choose will have on your monthly budget.

[View full post](https://info.carringtonmortgage.com/information-center/which-mortgage-is-right-for-you-adjustable-rate-interest-only-or-fixed-rate)

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