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Balloon mortgage vs fixed rate mortgage
Posted on 6/8/17 at 2:01 pm
Posted on 6/8/17 at 2:01 pm
5 years ago we took out a balloon mortgage for 60000. It is currently up for renewal with 24000 left in principal
Current loan officer offered me either a 5 year or 10 year fixed mortgage, both at 4.375% with no early penalty fee.
Could we not just do another balloon at a lower rate?
I plan on paying off the entire balance within 12-24 months tops.
What is my best option as far as least amount of interest and fees go?
Current loan officer offered me either a 5 year or 10 year fixed mortgage, both at 4.375% with no early penalty fee.
Could we not just do another balloon at a lower rate?
I plan on paying off the entire balance within 12-24 months tops.
What is my best option as far as least amount of interest and fees go?
1
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.
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