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Looking for a 7 or 10 year fixed rate mortgage.

I'm in market for fixed rate 7-10 year mortgage approx. 80K Loan amount on 160 - 200K purchase in Tempe Arizona area. Current FICO approx. 720 Please reply.

  • April 18 2014 - Tempe
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Answers (10)

Profile picture for Blue Nile
As rates are lower this week than they were 2 weeks ago (see Zillow's trend chart in the right column), if you tried that mortgage quote request at the top of the page before, you may want to try it again.
  • May 07 2014
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I can help you with that.. I have a lender that will allow you to select any payment terms from 5 years to 30 years.. so you want a 9 year mortgage.. no problem!!  I'm a Broker here in Scottsdale AZ and I only lend in Arizona.  If you or someone you know is looking for financing options, feel free to contact me or pass along my information.  William J. Acres
  • May 07 2014
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Profile picture for Blue Nile
I tried the "anonymous quotes" request for that criterion, and came up with rates of between 3% and 3.5% for 10 yr fixed with about $1k fees, and about 3.5% to 3-5/8% for 7/1 ARM with about $1.2k fees.

Anyway, free quotes are available by just clicking on the "mortgage" link at the top of the page, and typing in (or selecting) the info.

Or, one could use the Zillow directory to find a loan officer in the area, and Email them a request.

Mortgage rates change frequently, and not all who robo-quote are giving rates that are actually available.
  • April 22 2014
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Profile picture for Brookstone Mortgage
I would love to know where the people recommending a 10 year ARM are getting their pricing that would offer a lower rate than a 10 year fixed. Unfortunately I cannot post rates but on my rate sheets, a 10 year fixed kills a 10 year ARM and makes 100% more sense to do.

I don't understand why when consumers say they want a "7 or 10 year fixed rate mortgage" people start over-thinking it and suggesting an ARM when it doesn't even price better, is amortized over 30 years, is subject to LLPA's for the 720 score and it's not what the OP asked for.

 
  • April 22 2014
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  • April 22 2014
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Profile picture for CA Direct Lending
I recommend taking David Kester's advice and doing a 7- or 10-year ARM by making payments in the amount that would pay back the loan in this time since the interest rate will be lower than a fixed-rate mortgage. 
  • April 19 2014
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Contact Geofrey Merino.
  • April 19 2014
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Armando,

I would be happy to provide you with a quote on either 7 year or 10 year fix product.  Reach out to me through my profile.
  • April 19 2014
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Profile picture for DavidK22
This is a great option if you don't plan on owning the home in 7 years. I would suggest the 7 year arm it will save you the most on interest vs. the 10 year wich is closer to a 30 year fixed. The other idea would be doing a shorter term loan. Either a 10 year or 15 year loan. The payments will be a little higher but the loan will be paid off in a shorter period where you will owe the property free and clear. I glad to help with any questions you may have.
  • April 19 2014
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Profile picture for Brookstone Mortgage
Take a 10 year fixed mortgage, anyone and everyone should have this available. 
  • April 18 2014
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