- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: 10/1 7/1 5/1 ARM Question Concerning Construction/Mortgage
Posted on 5/30/14 at 8:03 pm to BeerMoney
Posted on 5/30/14 at 8:03 pm to BeerMoney
quote:
Seems pretty clear to me. I just don't understand why they offer 3 ARM products for the construction if one of them clearly has a better rate and you convert to a fixed rate 30 year loan at the end of construction.(less than a year)
An arm isn't a construction product that's why it doesn't make sense. I don't think she's being very clear with you. The ARM is a permanent mortgage structure.
You can refi at any time, so she's right in saying that, but it will come with all the costs associated with refinancing.
This post was edited on 5/30/14 at 8:05 pm
1
Posted on 5/30/14 at 8:15 pm to Tiger4Ever
I see what they are doing. The ARM will be interest only for the construction period and convert to principal and interest at completion on likely a 20 or 30 year amortization.
Again, she's right that you can refinance at any time, but again that will come with additional costs as THAT will be another closing. You'll get the one time close...only if you choose to stay on the ARM.
Again, she's right that you can refinance at any time, but again that will come with additional costs as THAT will be another closing. You'll get the one time close...only if you choose to stay on the ARM.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News