If you had to pick what would be the best negative amoritization mortgage? For the short term home owner, 3 years max!!
2007-07-11 13:07:41 · 9 answers · asked by CEESONE 4 in Business & Finance ➔ Renting & Real Estate
I live in the Seattle area, I have full confidence in the market here!!
2007-07-11 13:16:47 · update #1
If you intend to occupy the property, and can put at least 10% down, I recommend a 30 year fixed rate mortgage with minimum payment option (typically 1.5%). If you have difficulty documenting income to qualify for that type of loan, then pricing right now is favorable on 5 year fixed rate payment option ARM loans, but should your plans change this may leave you in the lurch. Depending on the purchase price and your personal assets, you may qualify for high net worth programs which offer no money down with pledged assets, a minimum payment for up to 7 years, and a fixed rate of 10 years. Wide wide world out there, but what you really need more than anything is a specialist.
2007-07-11 17:05:43 · answer #1 · answered by Private Client Group 2 · 1⤊ 0⤋
You can find very competitive rates on the market without going the negative route.
If need more helpful mortgage information you should visit http://home-mortgage-report.com
Good Luck,
Tom
2007-07-12 07:20:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Why go with a negative with rates so low. It's an unnecessary gamble. The insurance of having a low fixed rate exceeds the value of going with a negative amortized loan.
2007-07-11 13:43:25 · answer #3 · answered by Deborah M 2 · 1⤊ 0⤋
Now is really not the time to be in a negative amortization loan as property values are generally stagnant if not declining. They generally only make sense if your value is increasing faster than your negative amortization. If you just have your heart set on one- I would minimize the negative amount by paying somethin higher than the minimum payment but less than the interest only. At least by doing this you have minimized the amount going back to your principle.
2007-07-11 13:14:13 · answer #4 · answered by flamingojohn 4 · 2⤊ 1⤋
for short term owners, an ARM could be the answer, but there may be other better options for you.. knowing them might even save you thousands of dollars.. check with a reputable mortgage broker.. here's a good one that does business in 46 states -
http://www.arizona4pinoys.com/arizona-best-mortgage-interest-rate.html
2007-07-11 14:16:30 · answer #5 · answered by just4success 2 · 0⤊ 1⤋
Get valuable tips on mortgage from http://moneymentor.cashmatter.info . It's a very useful website.
2007-07-12 03:25:39 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Just say NO. Negative amortization is never a good idea. Build your equity and use that to purchase your next home.
2007-07-11 14:22:19 · answer #7 · answered by godged 7 · 0⤊ 1⤋
There is NO SUCH THING as a "good" negative amortization mortgage. It's like asking, "Which is the best gun to shoot my baby with?"
2007-07-11 13:33:54 · answer #8 · answered by Bostonian In MO 7 · 1⤊ 1⤋
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2007-07-11 13:10:50 · answer #9 · answered by Anonymous · 0⤊ 1⤋