Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 9pm 7 days
You'll want to consider the following:
- time frame you intend to hold the loan-short/long term
- interest rates vary for ARM, 15 or 30 year mortgage
- take into consideration overall financial plan
When discussing your intentions with a lender have them provide you detailed figures and scenarios that will assist you in making a decision.
Here is a local referral :
Sr, Mortgage Advisor
123 Mission Street, Suite 850
San Francisco, CA 94105
Let me know if you have any additional questions.
Are you a risk taker?
Would you sleep better a night if you have a 30 yr fixed rate mortgae with a higher rate but with the advantage of knowing what your mortgage payments are going to be the same for the next 30 yrs and knowing that your loan would have been fully amortized by then.
Or Are you willing to pay less in mortgage for the same 30 year fully amortized program a rate that might only be fixed for a shorter period of time (the first 5, 7, or 10 yrs)
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Most popular program is 30 year fixed - and the rates are incredibly affordable.
The rest depends on your downpayment amount.
No program is perfect, unless you make a 20% down.
So, meet with a good (preferably referred to you by a trusted source) professional mortgage person,
and go over your current financial situation.
Some programs are available for a super high interest rate, and not for others.
Or, you have to make a certain downpayment amount on a condo.
Principal residence or 2nd home, or maybe investment?
All factors, including your employment or self-employment situation - need to be considered,
before you can figure out which program will work best at this time.
Hope this helps,
Beachfront Realty, Inc.
The choice is dictated by your current financial position and your game plan. I prefer to put down the largest down payment you are comfortable making. It will get you into better rates, no mortgage insurance, and will give you more market leverage with sellers and agents. A simple way to determine the actual cost is to multiply your monthly payment times the number of months you plan to stay in the property vs. a different loan type and down payment. If it's a short term living situation, paying up front points to reduce the rate is not advisable.
Hope this helps,