Personal Finance Tip #16: Traditional Mortgage

The last personal finance tip was about buying a home. And when you do buy that home, the best thing to do is to:

Get a traditional mortgage.

The subprime mortgage crash has taught many of us valuable lessons. One of those should be that “creative” products like ARMs and interest only home loans should be avoided by most people. You’ll be better off with a traditional fixed rate mortgage with a 15, 20 or 30 year term.

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