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O/T Bankers or Mortagage brokers

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Old 09-04-2002, 08:13 AM
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Question O/T Bankers or Mortagage brokers

Just looking for a little insight on how best to finance a new home we are looking at. Is an ARM the best way to go right now? We always pay extra every month on our mortagages, try to average about $500 month extra, so if we continue to do that, is there any benefit to go with a 15 yr. vs. 30 yr. mortgage?
Any input would be greatly appreciated.
MD
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Old 09-04-2002, 08:29 AM
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I have been a Mortgage Broker for 17 years. In that time I have never seen fixed rates this low. I would stick with a 15 year fixed if you pre pay that much. Very few ARMs have as low a rate and only set you up for a possible problem when they adjust. At that time for many ARMs there is no cap on the adjustment so if rates go crazy you are stuck. If you plan on a short time within the lock period you could be OK but if you change your mind later and stay you are at the mercy of the economy. You can call me at 616-546-6309 for more.
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Old 09-04-2002, 08:32 AM
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With the interest rates as low as they are I personally wouldnt go with anything but fixed. I would also take the 30yr and make the extra payments to "principle" and cut down the term that way. If you do that, you will be prepared for any unforseen situation that you may need extra money.

Im not a broker or banker but that would be my chioce.
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Old 09-04-2002, 09:34 AM
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Quote:
Originally posted by MitchStellin
I have been a Mortgage Broker for 17 years. In that time I have never seen fixed rates this low. I would stick with a 15 year fixed if you pre pay that much. Very few ARMs have as low a rate and only set you up for a possible problem when they adjust. At that time for many ARMs there is no cap on the adjustment so if rates go crazy you are stuck. If you plan on a short time within the lock period you could be OK but if you change your mind later and stay you are at the mercy of the economy. You can call me at 616-546-6309 for more.
It was nice talking with you this morning. Thanks for the info.

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Old 09-04-2002, 09:43 AM
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Also involved in the business and agree with previous posters. Fixed 15 year rate is unbelievable. Best route.
 
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Old 09-04-2002, 09:55 AM
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Dean,

I would DEFINITELY talk to Mitch. He is a great guy. You may also wish to consider taking the 1 or 30 year and making bi-weekly payments. This cuts a significant amount of time off your payment period.

Good luck.

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Old 09-04-2002, 10:22 AM
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Dean,

Unless you are going to be there only a year or 2 then the fixed loan is the only choice.
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Old 09-04-2002, 10:50 AM
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Mitch sounded right to me!

Might want to get the HELC done at the same time so you can upgrade the boat and make it deductable
 
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