Real Estate

Bob and Bonnie Buyer have made their first offer on a 3 bedroom, 2 bathroom condo in Marina del Rey. They are both looking to retire in 20 years.They don't have very much money saved up but they have enough for 3.5% and closing costs.

Explain to Bob and Bonnie what their mortgage options are (available to their situation) and suggest the best mortgage for them. What are the pros and cons of your suggested option?