- 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
Interest rates buying house
Posted on 3/17/20 at 3:56 pm
Posted on 3/17/20 at 3:56 pm
So trying to buy a house ASAP.
Bank offered 5 year arm 25 year amorithization
Interest rate 4.20
Is that good/bad thoughts? I don’t know much.
Bank offered 5 year arm 25 year amorithization
Interest rate 4.20
Is that good/bad thoughts? I don’t know much.
9
Posted on 3/17/20 at 3:59 pm to lsuguy13
Bad
Posted on 3/17/20 at 4:00 pm to lsuguy13
What’s the cap?
Posted on 3/17/20 at 4:06 pm to Sluuuu
Purchase Price: $264,000
Down payment (20%): $52,800
Loan Amount: $211,200
Rate: 4.20% (5yr ARM, 25yr amortization)
Principal and Interest payment: $1,139
Estimated Escrow payment: $250
Total Payment: $1,389
Estimated closing costs: $4,000
What’s cap?
Down payment (20%): $52,800
Loan Amount: $211,200
Rate: 4.20% (5yr ARM, 25yr amortization)
Principal and Interest payment: $1,139
Estimated Escrow payment: $250
Total Payment: $1,389
Estimated closing costs: $4,000
What’s cap?
Posted on 3/17/20 at 4:12 pm to lsuguy13
You are looking at a adjustable rate mortgage. After 5 years your rate is subject to change. Usually within the offer/terms there's a few things to look at.
How the adjustable rate will be calculated, how much per year can the rate increase or decrease, and what's the max amount the rate can be over the lifetime of the loan.
This can give you some expectation for what you might be paying in the future. Unless there's a good reason to do an ARM, I would look more into fixed loans
How the adjustable rate will be calculated, how much per year can the rate increase or decrease, and what's the max amount the rate can be over the lifetime of the loan.
This can give you some expectation for what you might be paying in the future. Unless there's a good reason to do an ARM, I would look more into fixed loans
Posted on 3/17/20 at 4:13 pm to Puffoluffagus
quote:
I would look more into fixed loans
this
Posted on 3/17/20 at 4:20 pm to lsuguy13
Why are you doing an ARM??
And there's fixed in the 3's right now. You can do better than what they're offering..
And there's fixed in the 3's right now. You can do better than what they're offering..
Posted on 3/17/20 at 4:36 pm to lsuguy13
When rates are at all times lows, don't even think about an adjustable-rate mortgage
Posted on 3/17/20 at 4:39 pm to lsuguy13
quote:
Rate: 4.20% (5yr ARM)
This post was edited on 3/17/20 at 4:40 pm
Posted on 3/17/20 at 4:40 pm to lsuguy13
Bad depending on your credit score. you could be getting 10/1 ARM for a 1.25% lower or a 30 yr. fixed for less than what they are offering.
Posted on 3/17/20 at 4:42 pm to wickowick
So i should tell them to get fricked
Posted on 3/17/20 at 4:49 pm to lsuguy13
Unless your credit score is 610, yes
Posted on 3/17/20 at 4:49 pm to lsuguy13
tell them
Granted we don't know your credit history or DTI
quote:
to get fricked
Granted we don't know your credit history or DTI
Posted on 3/17/20 at 5:07 pm to lsuguy13
Why are you not pursuing a fixed rate mortgage?
Posted on 3/17/20 at 5:12 pm to Costanza
During such volatile times, and interest rates at 2.5%, why would you just lock in the best rate ever?
Posted on 3/17/20 at 5:20 pm to lsuguy13
You need to try to secure a fixed loan below 3.5%. Should be easy if your credit score is over 625 or so.
Posted on 3/17/20 at 5:25 pm to lsuguy13
That's really bad. I'm halfway thru the refi process on a 30 yr at 2.99%. Stay away from ARMs...there are way better deals out there.
Posted on 3/17/20 at 5:34 pm to iAmBatman
690 credit
Posted on 3/17/20 at 5:37 pm to Costanza
I mean I have 690 score. I make 80k a year. No debt. I feel like it should be a slam dunk to be able to get it. If someone can find me a lender or broker that would be great.
Posted on 3/17/20 at 5:41 pm to lsuguy13
quote:
If someone can find me a lender or broker that would be great.
That's why you call a mortgage broker. Why would someone else do that for you? You're the only one who is purely in it for your best interests... Come on, work for it...
This post was edited on 3/17/20 at 5:42 pm
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News