Answers (7)
- Harry Newell, "Harry Newell"
- Contributions:50
Without more information, it's difficult to give you an answer that may best meet your needs.
As short a term as you intend to keep the mortgage, my concern would be not necessarily the type of loan program (30-year fixed vs. 3/1 ARM, for example) but rather HOW much are you paying for this short-term loan in closing costs, specifically when paired with your personal situation (e.g., do you have other options, etc.)
However, if you are CERTAIN you will be in this home less than 2-years, I would initially suggest a 3-year arm, but please keep in mind, that a true mortgage professional should assess all your needs/goals while advising you.
Hope that helps!
As short a term as you intend to keep the mortgage, my concern would be not necessarily the type of loan program (30-year fixed vs. 3/1 ARM, for example) but rather HOW much are you paying for this short-term loan in closing costs, specifically when paired with your personal situation (e.g., do you have other options, etc.)
However, if you are CERTAIN you will be in this home less than 2-years, I would initially suggest a 3-year arm, but please keep in mind, that a true mortgage professional should assess all your needs/goals while advising you.
Hope that helps!
- Johnny Taylor, "johnnytaylor"
- Contributions:62
The best option for a home loan on a short term would be your local bank in most cases. The fees should be less and often if you have a good relationship with a good banker, they can get it done pretty quickly too!
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
A 1/1 ARM is around 2.35% - 3/1 Arm is around 3.10% - 5/1 Arm is around 4.15%. These are Jumbo Rates. This is assuming 30% down = 70% LTV. ... Happy funding, Rudi
- Tony Gim, "tonygim"
- Contributions:158
The best option is your parents or relatives
- shapiroamg
- Contributions:3136
Like Steve says, the 3/1 Arms are really low right now. Depending on how certain this payoff will happen and when, a 5/1 Arm should be in the 4s and it will give you 2 more years if your plans change.
- Steve Felty, "SteveFelty"
- Contributions:405
For a standard conforming loan, you should be able to get a 3/1 ARM for 3.25% to 3.375%.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Mevbern: Hard money lenders! Regards,
What is the best option for a short term home loan that will be paid off in two years?
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