Theree are a couple of key points inthis thread but consider a few others. What is the purchase price of this home and what is its value? How much has it lost value over the past 2 years? Do you think that may be gained back? How much of a downpayment will you have? What kind of assets do you have?
Will you live in this home or is it an investment? Are you remodeling it for resale and if so would it be better to get and FHA with a 203(b)?
The typical answer within current economic trends is to get a fixed rate for peace of mind and to lock in now for the lowest possible rate. When would you like to close? And, what are your short-term and long-term financial goals? Are you married, with children? Do you have any medical considerations? Will you be taking care of a family memebr? Visit my web site: www.njmortageloansource.com and let me know.... more