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What is the best option for a short term home loan that will be paid off in two years?

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March 13 2010 - Bernardsville
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Answers (7)

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!
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March 15 2010
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!
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March 14 2010
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
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March 14 2010
The best option is your parents or relatives
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March 14 2010
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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.
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March 14 2010
For a standard conforming loan,  you should be able to get a 3/1 ARM for 3.25% to 3.375%. 
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March 14 2010
Mevbern: Hard money lenders! Regards,
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March 14 2010
 
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What is the best option for a short term home loan that will be paid off in two years?
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