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Answers (11)
- Frank Abbadessa, "North OC Specialist"
- Contributions:20
I suggest talking with a lender rather than a realtor to get information from a professional in the field. I am not a lender though you should contact your local lender institution for advice.
There is no easy answer for this question - because there are many variables to consider. Your goals (short and long term) - your comfort level with payments (a 10 year mortgage will have an incredibly low rate, but a much higher payment than a 30 year), your credit scores, income etc...
Talk to an experienced mortgage planner/agent who can explain your different options.
Most agree that the 30 year fixed rate mortgage is a great deal - because you will have an interest rate that is closer to what was available previously only on a 10 or 15 year mortgage; but, you can also save thousands in interest with a shorter term if you can manage the payment.
Talk to an experienced mortgage planner/agent who can explain your different options.
Most agree that the 30 year fixed rate mortgage is a great deal - because you will have an interest rate that is closer to what was available previously only on a 10 or 15 year mortgage; but, you can also save thousands in interest with a shorter term if you can manage the payment.
- Ryan Smith, "ryandsmith"
- Contributions:152
Hello Ela6, some great answers here. Your question depends on your homeownership goals. How long do you plan to stay in your home? In reality, a 30 yr fixed rate is at historical lows.....low 4's. You can go for the security and peace of mind this loan has to offer. I don't see rates get much better than that. They again, you never know.
Best of luck!
Ryan Smith
Best of luck!
Ryan Smith
- Deborah Garvin, "loanmonarch"
- Contributions:438
Talk with a mortgage planner:
Start with your goals (what you want to do and accomplish). Then discuss your situation (credit, employment, assets...past, present and future, as you know it) and work with a mortgage planner to understand where your goals/aspirations are in alignment with the lender (Them who has the gold rules...). Mortgage planner should provide you with all of the options that COULD meet your desires and needs...then you choose the best course of action to meet your goals.
In other words, be wary of anyone telling you what is right for you. A professional opinion is in order, of course...but your comfort range (risk wise) is the best barometer for what is best for you and your situation.
Start with your goals (what you want to do and accomplish). Then discuss your situation (credit, employment, assets...past, present and future, as you know it) and work with a mortgage planner to understand where your goals/aspirations are in alignment with the lender (Them who has the gold rules...). Mortgage planner should provide you with all of the options that COULD meet your desires and needs...then you choose the best course of action to meet your goals.
In other words, be wary of anyone telling you what is right for you. A professional opinion is in order, of course...but your comfort range (risk wise) is the best barometer for what is best for you and your situation.
- Robert Spinosa, "RPM Marin"
- Contributions:42
The most common product that offers the most peace of mind to the most borrowers is, by far, the 30-year fixed rate mortgage.
Depending on your profile, you can expect to get a 30-year fixed rate loan at zero points between 4% and 4.5% these days.
If I can help, just contact me via my profile.
Thank you!
- Ed Brophy, "Ed Brophy"
- Contributions:455
Depends on how long you plan on staying in the home. 5 years or more a conventional 30 year fixed is the way to go in my professional opinion, unless the payments of a 25, 20, 15 or 10 year fixed fit within your budget.
It all depends on your personal goals. If you'd like to discuss your loan options feel free to contact me via my Zillow profile.
It all depends on your personal goals. If you'd like to discuss your loan options feel free to contact me via my Zillow profile.
- ANGELA RICE, "Angela Rice"
- Contributions:3
Hello Ela6,
When choosing a mortgage loan, one should always make sure there are extra reserves in the bank. Since you are willing to put down 20% on your purchase, you should go with a Conventional mortgage. There are more cost associated with an FHA loan. By doing a conventional loan, you will avoid paying an up front mortgage insurance premium which is required on all FHA loans regardless of the down payment. With a conventional loan you will have the option to have or not have your taxes and insurance included in your payment. Both FHA and Conventional loans have requirements that must be met. Both loans have different debt to income ratios (DTI), fico score, and type of property requirements. Other factors will be the percent allowed for gifts and closing cost as each type of loan have different guidelines. When discussing this information with your loan officer, you want to disclose the entire dollar amount you are working with. This should give them a better idea of the type of loan to choose for you.
I hope this was helpful.
When choosing a mortgage loan, one should always make sure there are extra reserves in the bank. Since you are willing to put down 20% on your purchase, you should go with a Conventional mortgage. There are more cost associated with an FHA loan. By doing a conventional loan, you will avoid paying an up front mortgage insurance premium which is required on all FHA loans regardless of the down payment. With a conventional loan you will have the option to have or not have your taxes and insurance included in your payment. Both FHA and Conventional loans have requirements that must be met. Both loans have different debt to income ratios (DTI), fico score, and type of property requirements. Other factors will be the percent allowed for gifts and closing cost as each type of loan have different guidelines. When discussing this information with your loan officer, you want to disclose the entire dollar amount you are working with. This should give them a better idea of the type of loan to choose for you.
I hope this was helpful.
- askmaryann
- Contributions:975
Talk with a couple different lenders to see what fits your situation best and compare rates and fees. I agree with the others that with todays low rates fixed-rate is best. You want to get a loan approval and not just a pre-qualify when your ready to buy. A approval will make your offer stronger than just a pre-qual. If you are looking in Garden Grove there are homes in your price range.
- Edie MacGray, "Mortgage Power Girl"
- Contributions:29
I would go conventional with 20% down on a 30 Year Fixed. Depending on your credit you may have to go FHA. You can avoid mortgage insurance on FHA if you put 10% down on the 15 Year Fixed only. But this will make monthly payments larger so you would have to consider that. I would be glad to get you pre approved so you can work with your agent.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
If you plan on living in your new home more than 5 years a 30 year fixed rate non-FHA mortgage would be the best in my opinion. I would be happy to give you a per-approval letter for when you start shopping for your new home.
Happy funding, Rudi
Happy funding, Rudi
- Julie & Greg Schnieders, "Truth in Real Estate"
- Contributions:91
It's always suggested to go with a conventional loan when putting 20% down or more as you eliminate any mortgage insurance fee. But if there are other circumstances such as credit challenges or high dept to income ratios a FHA loan may be the direction to head in. If you need a good
All the best,
Julie & Greg
All the best,
Julie & Greg
what is the best loan program 375K 20%down
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