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loan advice
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   Types of Loan Programs-> Types of Loan Programs ~ General QuestionsMessage format
 
theoak23
Posted 5/16/2006 4:41 PM (#1063)
Subject: loan advice
My wife and I are in the process of selling our first home and moving into our second home, I have studied all types of loans, we have narrowed it down to these types of loans

1. Interest only loan
2. option ARM’s
3. The 40 year loan
4. 80/20 interest only loan

We are trying to get as much house as we can with a low monthly payment, we are also both in positions that our pay will increase next year. My question to you is which loan to you see fitting for my family. Thank you so much in advance for your help in this matter…
Jeannette
Posted 6/4/2006 11:45 PM (#1115 - in reply to #1063)
Subject: RE: loan advice
There are new loan programs out now, including 50 year mortages. Call me at 631-355-5329 for more info.
Guest
Posted 6/5/2006 4:32 PM (#1126 - in reply to #1063)
Subject: RE: loan advice
40 year is your best bet....saving you 60 dollars more than a traditional 30 year...and you are payin down the mortgage vs a interest only loan....
Guest
Posted 6/15/2006 4:16 PM (#1181 - in reply to #1063)
Subject: RE: loan advice
It depends on what you are looking for. You do not want to get into an option arm if you don't plan on refinancing out of it in 2 years or so...if you do and do NOT do the refinance..you will eventually lose equity in your home.
If you are looking to keep your payments low you may wnat to look at an adjustable 2/3or5 year. You int rate is locked in for the first 2/3/5 years and then becomes adjustable after that time...which is when you would refinance.
If you have good enough credit and plan on STAYING in your loan for a long time and you can afford the payments..get a 30/40 yr fixed.
What I do is give borrowers all the options...price out each one and tell them teh advantages and disadvantages of each (depending on what your looking for) and let them choose what is best for them.

My company works with 100's of lenders across the country and have 100's of products for you to choose from. If you need assistance or help or feel like your not getting what you want...we will help you. sarahbixb@gmail.com email me anytime.

Our company motto is 'developing relationships, not transactions'
Zach
Posted 6/15/2006 5:00 PM (#1185 - in reply to #1063)
Subject: RE: loan advice
I would suggest an option arm. If you use it properly it can be amazing. Pay the lowest payment and invest the differance. I have a calculator on my page that shows how much the money you put in today will be worth down the road!

http://www.zachkoneffko.com/mortgageinfo/optionarm.htm

If you have any other questions or I can help you out e-mail me thru my page!

Zach Koneffko
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