Comments on: Which mortgage option is the most financially preferred option? http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option Mortgage Information When You Need It 24 Hours A Day Sat, 29 Nov 2008 14:54:59 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Laissez-Faire Guy http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option/comment-page-1#comment-2897 Laissez-Faire Guy Sat, 29 Nov 2008 12:56:59 +0000 http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option#comment-2897 Depends on your circumstances? The key being, how long do you plan on living there? If over 5 years, go for a fixed rate conventional. 15 year if you can afford the payments, otherwise 30. If less than 5 years, an ARM may make sense. Get one where the rate is locked for 3 or 5 years. During high interest times, ARMs also make sense, because you get the lower rate now, and can easily refinance for cheaper later. Interst only loans are dangerous. If your home loses money, you can wind up upside-down and may have to sell for a loss later on. But if you are OK with the risk, they make a good way to get in cheap while your property grows in value. 80/20 piggybacks are good for when you don't have much of a downpayment, or none, yet want to avoid Private Mortgage Insurance. If this will be your primary residence, and you plan on living there for over 5 years, go with the fixed rates and avoid all the pitfalls of the other loans.<br><b>References : </b><br> Depends on your circumstances? The key being, how long do you plan on living there?

If over 5 years, go for a fixed rate conventional. 15 year if you can afford the payments, otherwise 30.

If less than 5 years, an ARM may make sense. Get one where the rate is locked for 3 or 5 years.

During high interest times, ARMs also make sense, because you get the lower rate now, and can easily refinance for cheaper later.

Interst only loans are dangerous. If your home loses money, you can wind up upside-down and may have to sell for a loss later on. But if you are OK with the risk, they make a good way to get in cheap while your property grows in value.

80/20 piggybacks are good for when you don't have much of a downpayment, or none, yet want to avoid Private Mortgage Insurance.

If this will be your primary residence, and you plan on living there for over 5 years, go with the fixed rates and avoid all the pitfalls of the other loans.
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]]> By: goldmedaldiver http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option/comment-page-1#comment-2896 goldmedaldiver Sat, 29 Nov 2008 12:31:59 +0000 http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option#comment-2896 15 year fixed rate unless you can afford a 10 year fixed rate. You can check on bankrate.com on what average rates are for 30 & 15 year loans to ensure that the fixed rate you are able to attain is competitive.<br><b>References : </b><br> 15 year fixed rate unless you can afford a 10 year fixed rate. You can check on bankrate.com on what average rates are for 30 & 15 year loans to ensure that the fixed rate you are able to attain is competitive.
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]]> By: chaseunchase http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option/comment-page-1#comment-2895 chaseunchase Sat, 29 Nov 2008 11:43:59 +0000 http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option#comment-2895 It really helps to know more about how long you are going to stay in a house, and how old you are, and also your ability to pay. If you are going to live in a house for the rest of your life, go with a 15 year fixed. You will spend less on interest. You really need to look at your entire financial picture. If you can, Avoid Interest only, or ARM morgages at all costs. The rates on ARMS will go up often, and you will never get equity out of an interest only mortgage.<br><b>References : </b><br> It really helps to know more about how long you are going to stay in a house, and how old you are, and also your ability to pay. If you are going to live in a house for the rest of your life, go with a 15 year fixed. You will spend less on interest. You really need to look at your entire financial picture. If you can, Avoid Interest only, or ARM morgages at all costs. The rates on ARMS will go up often, and you will never get equity out of an interest only mortgage.
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]]> By: Martin S http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option/comment-page-1#comment-2894 Martin S Sat, 29 Nov 2008 11:00:59 +0000 http://24hourmortgageinfo.com/conventional-mortgage/which-mortgage-option-is-the-most-financially-preferred-option#comment-2894 How about a 30 year fixed rate at somewhere in the 6's. Contact me if intersted. msmith@premierloangroup.com 513-860-2940 ext 10 Martin Smith<br><b>References : </b><br> How about a 30 year fixed rate at somewhere in the 6's. Contact me if intersted.

msmith@premierloangroup.com

513-860-2940 ext 10

Martin Smith
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