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Additional Details
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kudzukings2 | Which type of mortgage should i choose? |
I have just built a new home and I would like some advice on what type of mortgage I should choose. I am obvisously looking at a fixed rate loan but have been inticed by the low interest rates of a 5/1 ARM. We plan on living in the house for a long time. I was thinking of doing a 5/1 ARM then see where the interest rates go and refinance around the 5 year period. I am a little afraid of the interest rates going up drastically and having a high one after the five years. I have very good credit. Any advice would be much appreciated. |
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Em C
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If you plan to be in the home for a long time why not lock into a fixed rate now and then refinance if the rate goes down? A lot of people over the past couple of were enticed by the low interest rate of the ARM's only to be hit with payments they cannot afford now that the payments have gone up. Do you really want to take that gamble? |
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Michelle C
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Oh don't even play around with the ARM. Your situation may be ok now, but you cannot predict the future. With the economy the way it is, or if something bad should happen like a job loss or an illness - you don't want to risk it. With a fixed at least you know exactly what to expect. |
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Rachel
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NO! That was the exact mentality that got everyone into the messes that they are in now! They thought that they could just refinance, but then the housing prices dropped and they are upside-down on their loans, so no bank will refinance them. Therefore, since they can't refinance and they can't afford their new high payments; they lose their house.
Now, one would assume that the house prices will not go lower than they are now, but 5 years is far away and who knows, we could be in an even worse recession then. Personally, I wouldn't gamble on my family's financial future. I enjoy the comfort of my fixed rate mortgage and wouldn't change that just to save some money now that you will probably end up losing in the end once your rate adjusts up. Good luck with the new home! |
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Ted
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If you have very good credit, get a fixed rate 15 year mortgage. That will be your best bet.
I don't recommend you spend money on points or origination fees. That way if rates drop you can use that cash to refinance.
If you lock in to a fixed rate you can wait for rates to go down and refinance the mortgage. If rates go up, you're in a good position are are protected because the rate can't reset higher. You can't lose.
ARMs are a bad idea because 1) interest rates are at a historically low level (although not the very lowest level), and 2) you are assuming all of the risk to the market to save a few dollars a month. |
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Rono
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I would advise against an ARM. I have seen countless people who did just what you are considering and got burnt. For example, if lending requirements keep tightening and homes continue to drop in value you could get stuck with an ARM that keeps going up. Also, should something happen to your credit (due to sickness or lost job) the same thing could happen. I have seen plenty of those too. To me there is too much financial risk for the reward not to mention possible sleepless nights as your reset date approaches. Good luck.
Ron
http://www.mortgage-bad-credit-new-home.com |
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The_1
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Hello,
Happy to see you built a new home and still say "we" when talking about your wife. LOL. I have seen building homes ruin so many marriages, and happy to see thats not your case. Anyway, you need to lock in a 30 year fixed because the market is so volatile right now. The arms are very tempting but if your concern is having the lowest rate and can afford a little more of a payment then go with a 15 year fixed. The reason is say this also is because every time you refi you pay closing cost which eat up a small amount of equity in your home, but enough where spread out over years translate in 5 years or more. So why pay to keep refinancing just to get a lower rate when in actuality you are hurting yourself equity wise. If you need to talk more or get a good rate and fast closing loan go here:
www.amerisave.com/partner/esterling
you can lock your rate and closing cost instantly and call.
Thanks |
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Jamya
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All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower<!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.
http://mortgages-finance.awardspace.com/
First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser-->and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms. |
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lepr0kan
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This is the issue that many people have had recently leading to foreclosure. Unless you have a hefty down payment if you got an arm very little would be paid to the principal amount over that 5 yr period. Therefore if values went down or even if they stayed the same you'd have trouble refinancing. In order to refinance you'll probably need at least 10% in equity. You can take the risk of the arm but I'd suggest going fixed, the rates really aren't that much better and it is much safer in the long run. |
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yoko1san
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You should also check out HUD's 203(k) program. It can be used to purchase/renovate and/or refinance an existing mortgage. Since you have good credit, it should be quite easy to get approved. |
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Ryan
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INT rates are only going to go up, ARMS are what caused this whole crisis. ARM are for people who expect to be making a substantially greater income in the near future. If you have great credit get a good fixed rate mtg now while rates are still low. Interest rates will remain around the same for now, but will be going up. Lock in to a good rate while you can. |
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Sweetness
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No to the ARM, can go up 2% each yr, I would expect it to anyway to play safe. I would go fixed for the least amount of yrs you can afford 15 yrs being a good target. I suggest buying points to buy down the interest rate, this is also deductible on your first tax return. I buy the max pts.
Another tip for reducing total cost / monies paid in total to the financial institution. Pay bi-weekly or make 1 extra payment a year. By making 1 extra payment a year you can pay a 30 yr mortgage off in 18 yrs. I f you direct payment to the principle. |
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