What if I want a 20 year fixed?

Asked by Cheryl, Shiner, TX Mon Jul 1, 2013

My mother is purchasing a home for me as a tax write-off and going to use it as rental property and charge me rent. She is too old (72) to get a 30 year fixed she says even tho she has 800K in the bank and making 25K on oil wells right now. She wants a 20 year note

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Don Groff, Agent, Austin, TX
Tue Jul 2, 2013
You can always get a 30 year regardless of age but a 20 year is a great option. People always ask me for quotes on 30 and 15 year. I always tell them not to forget about the 20 year option as it has better pricing than a 30 year and also does not have the sticker shock some feel with the higher payment of the 30 year. It's a great option to build equity faster and not have a payment that is too high to afford.

So that is a great option. If you would like to discuss please let me know. I broker with over 15 different lenders at the wholesale level so my rates and fees are considerably less than retail banks or mortgage bankers.

Best of luck to you.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: http://www.AustinListed.com | http://www.360LendingGroup.com
Web Reference:  http://www.AustinListed.com
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Tue Jul 2, 2013
20yr notes are no problem
And she can get a 30yr if she wants.... Like stated below, a 90yr old person can get a 30yr note.

Tom Burris
Mortgage Banker
http://www.servicefirstmckinney.com/
(214) 763-4629 cell/text/nights/weekends(Really!!)
tburris@servicefirstmtg.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
Search Dallas area MLS for FREE. No registration => http://www.ntreisinnovia.net/cgi-ntr/BR_login?0501134
0 votes
Randall Ortiz, Agent, Sacramento, CA
Mon Jul 1, 2013
Speak to a lender. If you go with a 20 year loan, the payments will be higher than if you go with a 30. Make sure you get all of the numbers before you make a decision.
0 votes
Chandra Watk…, Agent, Redlands, CA
Mon Jul 1, 2013
I would strongly suggest speaking with a lender at this point. In fact, I would speak with at least three lenders and gather all of the information you can. Having a wealth of information will arm you with the the tools you need to help your mother make a sound decision. And 72 is young!
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Jul 1, 2013
Age is not a factor in getting a 30 year loan - So, YES, your Mom CAN get one........whether she is 72 or 92!

In regard to being approved for a loan - the main things that will factor in are her income, credit scores and debt ratio.

Age has no bearing.

I suggest she meet with a mortgage rep and see what is available.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more