Profile picture for DVKRAMER

what is the best type of loan to get?

I am purchasing a small home in Norhtern California and I' not sure what type of loan is the best one for me?
  • February 25 2009 - Campbell
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Answers (3)

Best Answer

Profile picture for IPL Mortgage
That's great question. It really depends on a few factors:

1) How long do you plan to stay in the house?
2) What is your monthly cash flow?
3) Will your loan amount be >$417,000 or less?

Bottom line, if your loan amount will be <$417,000, you should strongly consider a 30 year fixed as rates are at all time lows&ARM's are not much cheaper these days.
  • February 25 2009
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DVKKRAMER

Would be good to know for starters:

Will you be living in this home or will it be an investment property?
How long do you plan on owning the home?
How much is the purchase price?
How much are you putting down?
Zip code of property?
How is your credit? (estimated mid score)
Have you calculated what would be a comfortable monthly payment?
Are you a US veteran?
 etc..?

If you answer these questions,  I am sure there will be more then a few zillow lenders showing up to help you decide what type of loan makes the most sense for you.
Wishing you well...
  • February 25 2009
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DVK,

It really depends on your situation.  For example:

Your credit score
Purchase price
Home Value
Down Payment


What are your plans for the future, how long do you plan on staying in the house.  There are many, many variables in determining what is the right loan for you.
  • February 25 2009
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