Will a 7/1 ARM be better vs a 30yr fix rate for a mortgage if I am prepaying part of the principal every year
I am a 1st time home buyer and I have just accepted a counter offer from a seller for a house that I like. The next step was to apply and get a mortgage for buying this house. Some background on the ...
Given a 5/1 ARM for a $350,000 loan at a rate of 2.875%: After 5 years of paying at 2.875%, let's say the balance is $310,000. On the 6th year, the first adjustment kicks in an kicks the rate up 1% ...
I am looking over some paperwork for a 5/1 ARM. The loan information is as follows: Interest Rate: 2.75 Lifetime Cap: 5.00 First Adjustment Cap: 1.00 Annual Cap: 1.00 Margin: 1.75 I ...
I am in the process of doing an FHA Streamline Refi from a 5% 30-year-fixed to a 2.7% 5/1 ARM. I will only have to come up with slightly less than the amount of my monthly mortgage payment at closing ...
I have a 5-year ARM at 4.5% APR. I can renew the rate at 3.25%. However, that would cost $800. The current loan value is $156,219. Is it worth it for me to renew the rate? How long would it take to ...
We want to refinance; currently at 6% on a 30-year fixed. We are unsure how long we will be in the house but assuming at this time we will want to move within 7 to 10 years. We are offered a 3.75% ...