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Answers (8)
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
You could probably get the P&I payment close to that with a fully amortized ARM - rates are in the 3's (with some lenders in the 2's).
$250k @ 3% = $1054.01/mo P&I.
$250k @ 3% = $1054.01/mo P&I.
- jcerjs
- Contributions:14
would like to get monthly payments down below 1,000.
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
That's about 85% loan-to-value, I'm not sure who is going that high anymore, even portfolio lenders.
Other than to lower payments, what is the reason you are looking for an interest only ARM?
Other than to lower payments, what is the reason you are looking for an interest only ARM?
- jcerjs
- Contributions:14
loan amount is 250,000 or less and the appraised value is around 290,000. The value 2 years ago was 385,000.
- James Peters, "JamesRPetersSr"
- Contributions:98
Some go up to 75% but I don't no anyone who goes up to 80% anymore on an interest only ARM.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
You need to find a portfolio lender in your area: small community banks and credit unions. They usually require 20% down.
Happy funding, Rudi
Happy funding, Rudi
- Clay Branch, "Georgia Loans"
- Contributions:7835
No. What is your LTV and loan amount?
- Dave Skow, "daveskow"
- Contributions:1104
try union bank or us bank ( not sure if they lend in michigan )
Do all lenders doing interest only ARMs require the LTV to be at 70% or lower?
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