Your Questions About Mortgage Loan Type

James asks…

Las Vegas Area – What type of Mortgage/Loan to get?

My wife and I are looking at a $310,000 new house in the Spring Valley (southwest) area. We have $40,000 to put down. This will be our first house, and we will probably be upgrading in 3-5 years. We want to have a mortgage that will incorporate everything, and want it manageable. What type of loan should we get? I don’t know any options other than a fixed loan. Can anybody help?
Why would you not go with an ARM? Seems logical, and it will lower our monthly payment, especially for the initial couple of years until we receive raises and can afford more…

John answers:

No matter what your plans are, I wouldn’t sign on for an ARM with the speculation that you will be upgrading in 3-5 years.

And please don’t go to those in here spamming for business.

There are plenty of first time home buyer programs that, unless I miss my guess, you will be well qualified for.

Ask friends and family members for recommendations on a lender. If you don’t get any, go with local lenders whose name you recognize. Compare everything to make sure you are getting an apples to apples comparison, rate, closing costs, pre-payment penalties, transaction fees, etc..

It will pay huge dividends to obtain a reputable lender, rather than one who tries to fit you into a loan program they make the most money on.

Linda asks…

What type of mortgage loan should I be looking for?

I am buying a condo and headed back to law school. I will be trying to resell this condo after 3 years, maybe 4 depending on my program. Should I be looking for a 30 year fixed? I’m looking to keep my payments low…what does everyone suggest?

John answers:

Are you interested in paying the home off or having low mortgage payments? Loan programs really depend on a homeowner’s goals.

If you need a low payment, ask your lender for a fixed-rate interest only. There are many available programs which offer a 30-year fixed rate with interest-only payments for up to 10 years.

If you are concerned about the value of the home and selling it in such short time, get a 15 or 30 year principal and interest mortgage which requires you to begin to pay the loan off.

Let me know if you have any questions. Hope this helps.

Ken asks…

What type of mortgage loan can we expect?

Combining all 3 credit scores, I average 674. My spouse averages 630. We are both municipal employees with very stable jobs. We have a combined income of 120,000 and 30,000 in cash for down-payment. In the last 4 years we have never been late paying bills. An overpayment from Social Security, and a fraudulent account (just wrapped in court) is really damaging my report. Any advice would be greatly appreciated. Thanks

John answers:

Average does not matter. Some lenders look at the lowest, some the mid. Your spouse’s scores are bad, only just good enough for an FHA loan. Yours are better but not great. Really, you need scores over 700. You should wait until your scores are better.

Mandy asks…

I am interested in becoming a Mortgage Loan Officer. What type of educational background do I need?

I am graduating with my undergrad degree in Spanish and Biology in December and need to know the first steps to acheiving my goal.

John answers:

It depends what state you are going to work in. I am a mortgage broler and we are always hiring. We are in 27 states. You can email me if you like

Jenny asks…

I’m buying a house and want to know which type of Mortgage loan I should get?

I will be paying the loan off in the next two years in full so I’m wondering what would work the best for me. Thanks

John answers:

If you are 100% sure you will be able to pay the loan off, then go with whatever lowest rate they offer you. Even if its adjustable. Adjustable rates are normally stupid as hell these days, but if a person finds themselves in the excellent postion of knowing they can pay their mortgage off in 2 years, then it wont hurt to go with a low adjustable.

But you better be sure that you can pay it off. Because if things change and you cant pay it off, and that rate bounces up to 9%, you will really be wishing you went with a fixxed rate.

Powered by Yahoo! Answers

This entry was posted in Uncategorized. Bookmark the permalink.