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

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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
(214) 763-4629 cell/text/nights/weekends(Really!!)
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.
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