Is there a mortgage out there that I can pay a lower amount for the first year or two before it gets fixed at the normal amount? Thanks
2007-02-20 11:45:32 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There are plenty of options for you. Graduated Payment Mortgages, option arms, mta, the list goes on. Just be careful of the negative amort, that occurs! Do your research!
2007-02-20 12:06:35 · answer #1 · answered by CEESONE 4 · 0⤊ 0⤋
Yes there is. Your best examples are the thirty year fixed mortgages with interest only option. The interest only payment is only available for the first 3/5/7 or 10 years of the loan then the payments are reset for the remainder of the loan. Just try to make sure the interest rate is fixed for the entire loan.
There are negative amortization loans that are similar, but the eventual payments are so much larger that you are almost certain to refinance when the payment adjusts. They do allow the absolute lowest payments though.
2007-02-20 19:57:17 · answer #2 · answered by Ron B 3 · 1⤊ 0⤋
There are options available but an adjustable mortgage adjust with the interest rate so It can go up and down and won't be fixed. The FHA has a program where you can get a loan that goes up at a gradual rate and becomes fixed I think its called a FHA245 or something like that. Check their web site for options.
2007-02-20 19:54:22 · answer #3 · answered by melissaw219 3 · 1⤊ 1⤋
An adjustable rate mortage is fixed for a period of years, usually 3, 5, or 7, and then the rate varies after that. I don't think that's what you're looking for.
There is such a mortgage called interest-only. I would look into that.
2007-02-20 19:58:42 · answer #4 · answered by QueenBean84 2 · 0⤊ 1⤋
Yes it is called an adjustable mortgage
2007-02-20 19:49:11 · answer #5 · answered by Anonymous · 0⤊ 4⤋