Remodel & Renovate in 70065>Question Details

Dholub_amillc, Home Buyer in Fairfield, CT

Offering on home in Kenner La, I am offering 1.2 they are asking 1.7. Needs work but i can do, I like interest on with 5 year arm, Is this good?

Asked by Dholub_amillc, Fairfield, CT Thu Feb 9, 2012

How can this be succeesful for me
Property will value over asking if they exceopt
and give me strong asset potential,

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Answers

2
Has your agent (if you have one) completed a comparable analysis of the properties? If you can get the property for a HALF MILLION less...sounds like a good deal. See what kind of deal you're really getting. They may be 400k-500k over priced. About the 5-year arm....How long do you plan on keeping the property? If for a short time, like five years max, it may be beneficial to save the approx 2% in rate. Nobody has a crystal ball to tell you your status or the market status in five years. So please BEWARE. After five years that loan rate is going to change EVERY year and so will your payment. Personally...with fixed rates this low??? I'd go 30yr fixed.
0 votes Thank Flag Link Wed Feb 15, 2012
go with a flat rate loan. many foreclosures are homeowners getting suckered with adjustable rate mortgageg
0 votes Thank Flag Link Sun Feb 12, 2012
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