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Additional Details
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Additional Details
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hrt | First time condo buyer...better to get 5 year arm or 20 year mortgage? |
Buying first condo...broker said it's better to get 5 year arm with nothing down, than 20-30 year mortage with $15,000 down. This, on a $170,000 condo. Is he right? |
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bianca
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ask your self first how long you want to stay in this condo?
if it is less than 5 years, go with the arm. in my personal opinion i rather have money in my bank and have access to them any time i want, then tide up in the house. if for some reason you will need money- you have to pay for refinancing.
you can put money towards your principal any time you want, there is no restriction about this (well sometimes it is- ask your broker).you can put them later if you want. |
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Bulldog
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Use this free online tool to make an informed decision:
http://goaddr.com/8rt |
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Ryzee
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He could be, but the 5 year arm could really hurt you in as little as 1 year. however it might not, kind of a gamble. I would go with the 5 year and refinance when the APR gets better or you have more money. |
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CPAKeith
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The fixed period of the mortgage should match the amount of time you plan to own the condo. If you plan on owning it longer than 5 years go with a 7yr or 10 yr ARM or a 15, 20 or 30yr fixed rate (depending on how long you want to own it). If you only plan on owning it a couple of years, go with a 3yr ARM or the 5yr ARM.
Also, pay attention to the points you'll pay (less points for a shorter ownership, more for longer) |
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mortgage help
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it all depends on your financial situation, how long you plan on living there, and what your risk tolerance level is.
Can you give me more details?
help@choicefinance.net |
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free2b
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How often does the rate adjust with the 5 year arm? Every 6 months? Every year? Is there a cap on the rate? |
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nicolehaleyshane
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don't get the 5 year arm, get a 15,20,or 30 year fixed that away you don't have your rates going up. |
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sarkatick
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First of all, you need evaluate your long term goals. Do you really want to live in a condo for the rest of your life? or will you buy another place in a few years and perhap either sell it or rent it out?
If you like option B, you then will need to see whether it's good to sell or better to keep. If selling to you outweight renting it, then you should get a 5 yrs arm w/ no money down. Why? that way you keep the $15,000 cash flow or emergency and/or other uses. Why tied it down to place you might not even want to keep down the road. Also, a 20 yrs mortgage is higher interest rate than a 5 yrs arm at this time so it will give you greater cash-flow by having a lower mortgage payment. Also, if you consider selling/renting down the road, try 5 yrs arm w/ interest only.
AND, if you like option A and can see yourself and your family grow in the condo, then do a 20 yrs mortgage because it has stability and you do not have to worry about the interest rate hiking up after 5 yrs.
Most americans don't live in the same house for more than 10 yrs (at least it seems like nowadays, either upgrading or downgrading).
LASTLY, if you're one of type of people that like stability (like me). I would opt for a 30 yrs mortgage but with "interest only" option for the first 10 yrs. That way, you will have the benefit of 1) stability - rate is fixed for 30 yrs 2) cash flow - why? 30 yrs = lower payment than 20 yrs and 30 yrs with interest only option = even lower payment. |
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una_jet
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Getting a 15yr mortgage (pays off a loan quicker), fixed percentage rate (no possibility of it increasing or even doubling),
not paying any points (paying extra interest at the start of the loan usually is not worth the supposed 'lower interest rate') and putting down 20% of the total loan would be the best (that way there is not PMI). |
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