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re: Balloon mortgage vs fixed rate mortgage
Posted on 6/8/17 at 2:10 pm to CorkSoaker
Posted on 6/8/17 at 2:10 pm to CorkSoaker
take the 10yr fixed and be done with it. As a mortgage loan officer a 24k mortgage is a pain in the arse to get done. so if the same bank/loan officer is offering you those rates and terms up all over it.
2
Posted on 6/8/17 at 2:16 pm to hawkeye007
Ok thanks.
That's what I went with. Closing set for next week.
I tend to second guess everything.
Also, I'm a bit aggravated that even though he said there would be no closing costs or fees, there is all of a sudden an appraisal fee of $400. He said they tried not to have to order one, but because they were unable to obtain an AVM they had to.
That's what I went with. Closing set for next week.
I tend to second guess everything.
Also, I'm a bit aggravated that even though he said there would be no closing costs or fees, there is all of a sudden an appraisal fee of $400. He said they tried not to have to order one, but because they were unable to obtain an AVM they had to.
Posted on 6/8/17 at 9:46 pm to hawkeye007
I'm still having a hard time understanding why he didn't offer another balloon as an option upon renewal. Wouldn't it have been easier to renew or even extend the current loan? Then perhaps a $400 appraisal wouldn't have been necessary. And a lower rate probably. He is aware of my payment history of the current loan and I specifically told him I plan on completely paying off the remaining balance within 12-24 months.
I emailed him earlier today asking him the advantages of doing the 10 year fixed over another balloon and he just kind of skirted around the question. Planning on calling him tomorrow I guess unless I can better understand it tonight.
I emailed him earlier today asking him the advantages of doing the 10 year fixed over another balloon and he just kind of skirted around the question. Planning on calling him tomorrow I guess unless I can better understand it tonight.
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