Getting Out

[savagefan04]

SD, good luck and congrats on having your offer accepted. hope you house sell quickly, but more importantly for your asking price.

what kind of mortgage you doing? i know they tightened some of the guidelines, but we love out interest only loan. in 4 yrs of 10 yr fixed rate we've paid off more to the bottom line than we would have in a conventional loan

 

[sweetdiesel]

We are pricing our house right at the current market price. If it sells for more/less than 10K from our asking price I'd be quite surprised.

We are going with a 30 year fixed loan. The wierd thing was that a 5/1 ARM from our bank had a higher interest rate than the 30 year fixed. I've never considered doing an interest only loan. I had always thought that the interest only loans had adjustable rates and very short terms. I'll have to look into that as an option.

 

[savagefan04]

for the most part interest only loans do only come in short 3/1 or 5/1 ARMS. if you have a finance guy ask him to research the best mortgage option for u. thats what we did. ended up having our merrill lynch guy do all the research and he even handled most of the paperwork. again, this is my opinion, unless you plan on staying in a house for longer than 10yrs, interest only loans tend to be a better option. of course that is provided you pay more than the required interest only amount. this way the actual loan value decreases faster without paying the bank all the front loaded interest from a conventional loan. when u factor in the typical house appreceation, your make out like a fat cat.