Your home will be the largest investment you will make in your lifetime. As such, it requires the most research and thought. With interest and principal, the total mortgage cost over the life of your loan will be approximately three times the original loan amount. It is important to choose the maturity period that is right for you. Fortunately, the internet will be a big help in determining what you can qualify for and shop for the best deal. Although there are many loan types and maturity periods, according to Sears Imported Autos, mortgages generally fall into a few categories.

Fixed-rate mortgages are the most traditional. If you are looking for a predictable payment for a longer period, this is the one. The principal and interest portion will be the same for the life of the loan. The longer the maturity, the lower the payment. If you are planning to remain in your home for a number of years, a 30-year maturity period would make sense. These mortgages are usually available in 10, 15, 20, and 30-year maturities. The down payment is normally lower too. Keep in mind that both equity and maintenance will increase with the age of the home. If things do change, you may want to consider refinancing the mortgage to reflect those changes.

If you already expect your life to change with a job relocation or the arrival of a baby in the next few years, an adjustable rate mortgage may be the answer. The term of the loan can be as long as a traditional mortgage, but the interest rate will start out lower and increase at a pre-determined point. The typical is the five-year term, but the maturity period can be as short as one. At that point, the interest rate is adjusted by the agreed percentage and is adjusted each year, until you reach a "cap" established at the beginning. A lower payment for that shorter period could be just what you need.

If you know for certain that something will change, like a military transfer, you also could consider a balloon mortgage. This type of loan will also have a lower interest rate with the full amount due at the end date. These loans usually have a five- or seven-year maturity and can be blended with the adjustable mortgage for just the right fit.

As you will find in your research, there is a maturity period for every situation. An additional consideration is engaging a mortgage broker to guide you through the financing process and help find the mortgage that is just right for you. Their fee could seem small compared to the time you invest in your search.