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re: 10/1 7/1 5/1 ARM Question Concerning Construction/Mortgage
Posted on 5/30/14 at 7:35 pm to Chris4x4gill2
Posted on 5/30/14 at 7:35 pm to Chris4x4gill2
quote:
so the ARM is your construction loan?
Yeah it's a one time close loan. You build and at the end of the construction it's modified.
I plan on shopping some other options. Any suggestions would be appreciated.
1
Posted on 5/30/14 at 7:40 pm to BeerMoney
quote:
Yeah it's a one time close loan. You build and at the end of the construction it's modified.
The ARM is NOT your construction loan, it is your permanent. The construction is modified to the ARM structure. You're getting confused by the terminology.
You'll have the interest only for the construction phase that converts to the ARM. I'd be careful if you plan to be in the house beyond the 10, 7 or 5 years.
Your best bet on this market is to do the construction an enter into a 15 or 30 year fixed at completion if you expect construction to be complete in 6 months.
This post was edited on 5/30/14 at 7:41 pm
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