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Additional Details
EDIT: We ... |
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payton23 | ARM vs. Fixed Rate? |
We can either get a 5/1 ARM or my parents can loan me money and we can get the fixed rate for 30 years. Which would you do right now???
Additional Details
I will pay my parents back by the way...I just don't have a large sum of money all at once...I can pay them monthly payments. |
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Estrato Seis
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Decide whats best for you. If you are only going to be in the house for 5 years or less and the ARM offers a more attractive rare then you should choose the ARM. ARM's ARE NOT what caused the current mortgage market mess. It was caused by incredibly lax guidelines that allowed anyone with a pulse to get a loan they couldnt afford. Subprime was part of the problem. If you got a 2/28 and no one told you that after that it adjusted every 6 months and you had no real lifetime cap THAT was a problem. Products that allowed you to state your income without a 4056T to back it up or guidelines that didnt include a check at Salary,com or Stated Income, Stated Asset Loans, for people with 540 credit scores were the cause. Arms in and of themselves are NOT bad. What is bad is when they are sold incorrectly. Check out the lifetime cap, How long will you REALLY be in the house? What will you do with the house if you move? (will you keep it or rent it) A GOOD Mortgage Broker will look at all of those things and help YOU make a decision that is right for you. Mortgage brokers that pitch ONLY 30 year fixed are the same ones that pitched neg am arms when they were hot and will drop 30 year fixed when public opinion swings some other way. |
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lepr0kan
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Always go with the fixed, it's much safer and a better choice overall. |
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chatsplas
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FIXED rate. No question about it. The ARMs are what caused this mortgage and foreclosure crisis. You will know exactly what your loan payment is every month for the life of the loan. Great that your folks are loaning you the money. You can get a NOTE at the stationery store to write up your IOU. ARMS start out lower, but can go quite a bit higher. Some are capped per year or per 5 years, and some even allow negative amortization. So if you are naive enough to get an ARM, you need to read ALL the docs VERY carefully, and understand what you are getting yourself into. |
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colanth
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The ONLY time you go for an ARM is if you KNOW that the rate will be going down. So unless your crystal ball works better than mine, an ARM is always a sucker's bet. Go for the fixed rate. Then go for a few mortgage sites and let them know that if they can shave <insert some reasonable amount> from your monthly payment, or from your interest rate, you'll sign - not now, but in the future, when rates go down.
I got my 4.875% fixed 30 that way a few years ago, about 14 months after I had spoken to the guy. If rates drop far enough below that, he has my number and he knows to use it. |
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JUAN B
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Great post! I completely understand your question. Money is hard for a lot of people right now since the enconomy is going down. My friend told me about this website of an organization that gives people up to $1500 towards their rent or mortgage. It's available in most areas, so I think you should check it out.
http://www.rent-mortgage-assist-me.org
Hope this helps! |
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Kevin C
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First, stay away from the ARM.
Second, if you have to borrow money, I would seriously consider waiting. If I were you, I would rent as cheap a place as I could stand, or maybe even a little cheaper, and use that as motivation to save like mad. Borrowing money from family rarely works out well. First time you buy something they consider a luxury item, they'll start giving you looks or outright nagging you about it and you will feel all defensive.
So in order I would say:
1) Wait
2) Fixed
3) ARM |
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Maximilian
 |
The answer to that question depends on the monthly payment you can comfortably afford.
Consider the following scenario:
$300,000 Loan Amount
5.50% 30 Year Fixed - monthly payment of $1,703.37
VS.
6.00% 5 Year Fixed Interest Only - monthly payment of $1,500.
As you can see, the 5 year fixed option will provide an annual savings of $2,440.44
More importantly, you need to make a decision that is inline with your long term financial plans. This means that any new financing you obtain should take into account your children’s 529 college savings plan (if applicable), any major expenses you’re contemplating in the immediate future (a new car, the purchase of a second home, the birth of a child, etc., etc.), your present investment strategy, your insurance needs and obligations or other important financial plans that can be complicated or even derailed if you make the wrong decision about your mortgage financing now.
If you’re looking for a comprehensive solution to your financing needs feel free to contact me at RLFunding@AOL.com. We are licensed in all 50 states and specialize in TAX FREE mortgages in the state of New York.
Best Regards,
J. Polanco
Financing Advisor
Robbins and Lloyd Mortgage Corp.
347 5th Avenue, Suite 1506
New York, New York 10016
www.RobbinsLloyd.com |
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Sahara
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Go with the fixed rate. I would not go with the ARM because you don't know what's going to happen in 5 years and your rate could go ridiculously high. The safer option is the fixed rate. You can always refinance later. |
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ronidl76
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If you don't know the answer to this question, I'm afraid you're not ready to buy a home. There's a crisis going on, and it's mostly due to the ARM loans. What kind of realtor and loan officer are you working with? THEY SHOULD TELL YOU THESE THINGS! THEY SHOULD ADVISE YOU NOT TO GET AN ARM LOAN! For your own good, and so you won't get taken advantage of, please try to work with someone who has your best interest at heart, and isn't just looking for a paycheck. |
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daeve930
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If you get the fixed rate loan, you know exactly what your principal/interest payment will be for the life of the loan.
If you get an ARM, you should assume that the rate will always increase the maximum amount. So if the rate is 6% today, and CAN increase as much as 2% in month 36, figure that you'll be paying 8% in month 36. Don't assume that you'll be able to refinance and get a better rate. And refinancing is a pain in the hindquarters.
If that fixed rate is close to the ARM, or if it's under 6%, I'd jump on it.
Without stating the rates and the terms on the ARM, all we can give you is generalized information. I'd take the fixed rate, but I'm pretty conservative with my money. |
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