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Answers (4)
- Chris Hacker, "thelendingcoach"
- Contributions:130
Maybe but to make the decision easy, just go with the fixed rate as rates are so low anyway. If you are planning on paying it off when you sell the other house, the savings difference in the short term is not worth the added stress especially if it's "small".
- John Manchester, "Since 1989"
- Contributions:54
You should take to your tax cpa. They have no interest in selling you anything. They would know you financial situation best. Your smart enough to seek information, now go to the pro who knows you.
- Dan, "the_country_hick"
- Contributions:4700
Will you be able to sell your old house before the ARM resets for the amount you want to get from it?
If yes the arm could make sense if you pay the new mortgage off at the sale. If no the ARM is a horrible idea.
As you do not really know that you can sell the house for what you want from it getting a fixed rate mortgage is your smartest bet. When an ARM resets and you have to pay extra each month the fixed rate mortgage looks very smart.
House prices are still falling in most of the nation. The house could easily lose more value in time.
Take a look at the site below for house price predictions.
Maryland
If yes the arm could make sense if you pay the new mortgage off at the sale. If no the ARM is a horrible idea.
As you do not really know that you can sell the house for what you want from it getting a fixed rate mortgage is your smartest bet. When an ARM resets and you have to pay extra each month the fixed rate mortgage looks very smart.
House prices are still falling in most of the nation. The house could easily lose more value in time.
Take a look at the site below for house price predictions.
Maryland
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Are you going to sell your primary within 5 years and have enough equity to pay off the second home? If not are you ok with an adjustable rate after the 5 year period?
purchasing a small vacation home with plans sell primary home in the future. Does a 5yr.ARM make sen
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