Understanding a FRM is easy: it is a fixed rate mortgage with as little as ten or as much as forty year's maturity. Obviously, the longer term loan have lower monthly payments, but you will be paying for a long time. The ideal for most homeowners is to find the FRM that combines affordable monthly payments with the shortest term possible. But it is important to make sure that you can afford the higher monthly payments on a longer term FRM. A short term FRM obviously has a higher monthly … [Read more...]