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SVTPerformance's Chain of Restaurants
Road Side Pub
First-Time Home Buyer Advice
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<blockquote data-quote="cjguiles" data-source="post: 2354658" data-attributes="member: 24558"><p>It all depends on what you want to do with the property also. If you are only going to live there for maybe 3 years, go with a ARM(adjustable rate mortgage). With this the interest rate is lower and fixed for a certain amount of years(most are 2 or 3 years fixed and the last 28 or 27 years being adjustable). But its great if you are just starting out and plan on moving to something bigger and better later on. This way stay in the place for 2 or 3 years, pay a lower than fixed interest rate and let the equity build so by the time you go to sell, you're making money(in most cases nowadays appreciation is rediculous). </p><p></p><p>Also they now have a setup that I like to use on first time buyers- its a 80/20 combo loan- the first 80% is an ARM and the other 20% is a fixed, basically you pay 2 payments a month, but because you only have a loan to value ratio of 80% on the first part, your interest rates will be lower(the lower the % of the loan, the better the rates). So basically the blended rate is generally lower than just getting a 100% one payment loan. Just some options to think about.</p><p></p><p>And remember, everything really depends on your credit score and tradelines.</p></blockquote><p></p>
[QUOTE="cjguiles, post: 2354658, member: 24558"] It all depends on what you want to do with the property also. If you are only going to live there for maybe 3 years, go with a ARM(adjustable rate mortgage). With this the interest rate is lower and fixed for a certain amount of years(most are 2 or 3 years fixed and the last 28 or 27 years being adjustable). But its great if you are just starting out and plan on moving to something bigger and better later on. This way stay in the place for 2 or 3 years, pay a lower than fixed interest rate and let the equity build so by the time you go to sell, you're making money(in most cases nowadays appreciation is rediculous). Also they now have a setup that I like to use on first time buyers- its a 80/20 combo loan- the first 80% is an ARM and the other 20% is a fixed, basically you pay 2 payments a month, but because you only have a loan to value ratio of 80% on the first part, your interest rates will be lower(the lower the % of the loan, the better the rates). So basically the blended rate is generally lower than just getting a 100% one payment loan. Just some options to think about. And remember, everything really depends on your credit score and tradelines. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
First-Time Home Buyer Advice
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