I'm looking to get out of renting and found a home. Is there a website that I can tell it the price of the home and choose a type of mortgage and see what the payments would be? I was told by someone to get a 5 1 arm because I only plan on living here 3-4 more years before moving. The only sites I can find are for 30 and 40 year mortgages.
2006-07-15 07:23:23 · 9 answers · asked by sarah lee 1 in Business & Finance ➔ Renting & Real Estate
thanks tygirljojo, but I'm not keeping the loan after 4 years. that's why I was told to get one.
2006-07-15 07:27:43 · update #1
OK thank you for your ads, but try to answer my question. I don't need a realtor, I don't need a mortgage broker. I just want to compare monthly payments for different mortgages.
I want a site that can do this. I know it's going to be different because of credit and other factors.
I just want to be able to put in HOME AMMOUNT, INTEREST RATE, and then compare the mortgage types.
2006-07-15 08:54:46 · update #2
DON'T GET AN ARM! They're great leads to having the home foreclosed because you can't afford the rates after the inital 5/10/or whatever year term.
2006-07-15 07:26:59 · answer #1 · answered by Tygirljojo 4 · 0⤊ 0⤋
yeah a 5/1 ARM Interest Only is a good loan if u only plan to stay there for 3 or 4 yrs. A 3/1 ARM would actually have a lower interest rate and your payments will be a bit lower, but then its only fixed for 3 yrs, so if u keep the mortgage longer than three yrs your rate will start adjusting annually after that. max it wil adjust is 2% up or down per yr.
you can calculate the payments easily by yourslef, just use the following equation:
(loan amount x interest rate) / 12 months = monthly payment
example:
(350,000 x 6.5%)/12 = $1895.83 per month
that equation only works for an interest only loan, which i think is better for your case coz it will keep your payments lower and plus you dont plan to keep the house so you won't be paying it off anyways.
I work for a mortgage company if california and we do these loans all the time, they're the most affordable to people these days. If you need help or have any further questions email me at maikh81@hotmail.com and I'll give you my number. My name is May by the way. good luck
2006-07-15 08:19:45 · answer #2 · answered by maimai 2 · 0⤊ 0⤋
Unfortunately most of the sites with mortgage calculators are basic and can only show you payments on 30 year and 40 year loans. You would need to contact a Mortgage Consultant so they can put the numbers into their mortgage program and tell you the payments. It's not a trick to get you to call but rather to assist you. I know this isn't the answer to your question but may help you none the less. Email me if you need help or have any other questions tadgeman@yahoo.com.
2006-07-15 11:36:20 · answer #3 · answered by Dan 3 · 0⤊ 0⤋
You need to decide on a 15, 30 or 40 year term since the principle in your ARM is still going to have to be amortized.
Your other option is an all interest loan for 30 years which would keep your interest rate fixed and with just as low payment if not lower than an ARM.
There aren't any calculator to compare ARMs but you can go to www.bankrate.com and use there calculator for a few other types of mortgages.
2006-07-15 09:03:36 · answer #4 · answered by Sam B 4 · 0⤊ 0⤋
Try:
http://realestate.yahoo.com/calculators
This is a good site too:
http://mortgages.interest.com/content/calculators/index.asp
The US Government has loans - for low - very low - moderate income, and the loan payments are based on INCOME. Here is the web site:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Go to these websites:
1. http://www.nehemiahcorp.org/
http://www.fanniemaefoundation.org/...
http://www.fha-home-loans.com/
http://www.freddiemac.com/
http://www.thewinproject.org/links.htm
Good luck -
2006-07-16 09:08:00 · answer #5 · answered by W. E 5 · 0⤊ 0⤋
A fixed period ARM is a good type of mortgage if you only plan on staying in the home a short time. http://www.lendermark.com/hybrid_arms.htm
2006-07-15 07:49:44 · answer #6 · answered by lendermark1 2 · 0⤊ 0⤋
The best site I have seen is bankrate.com they have examples of all loan types, mortgage calculators, insurance calculators, as well as a wealth of articles you can read. Good luck.
2006-07-15 19:40:47 · answer #7 · answered by Mustang Sally 4 · 0⤊ 0⤋
Start With you local Realtor they can help you with just about any thing you man be in need of. Ask around until you are happy. They can and will work for you.
2006-07-15 08:00:07 · answer #8 · answered by winnp1 3 · 0⤊ 0⤋
ok this is what you have to do. If you found your house, go to your nearest mortgage company if you wish I work for one in san diego california and we can help. but you have to check your FICO score. people can't just tell you to get a 51arm because, what if you don't have a good FICO. check your credit! and them work from there.
2006-07-15 07:43:32 · answer #9 · answered by Anonymous · 0⤊ 0⤋