Rate Check?
Hi, We have excellent credit >750 and are looking for a first time home purchase mortgage for a 1MM loan on a 1.4M purchase. Its a 3 family building and we’ve been quoted 4.5% on a 7yr and 5% on 10yr arm. We’re closing in a month and wanted to check if anyone has seen…
Hi,
We have excellent credit >750 and are looking for a first time home purchase mortgage for a 1MM loan on a 1.4M purchase. Its a 3 family building and we’ve been quoted 4.5% on a 7yr and 5% on 10yr arm. We’re closing in a month and wanted to check if anyone has seen anything better on either arm rate.
Thank you
Hello,
I am a Mr. Henry Howard. I am a loan lender. Our company grant loan to all individual and companies that needs financing for any reason. Our financing solutions include venture capital deals, mergers, leveraged buyouts, receivables financing, non-traditional business loans and more.
If interested, contact me via email at loans.hhf.uk@gmail.com for more details
Hello,
I am a Mr. Henry Howard. I am a loan lender. Our company grant loan to all individual and companies that needs financing for any reason. Our financing solutions include venture capital deals, mergers, leveraged buyouts, receivables financing, non-traditional business loans and more.
If interested, contact me via email at loans.hhf.uk@gmail.com for more details
DON’T do an ARM. Rates are so low now, you should do whatever you can to fix it. You well spend 30K refinancing, probably at a higher interest rate, somewhere down the line.
Try PenFed hybrid 5/5 ARM. Today’s rate is 3.875 even for non-conforming jumbo. Cap on rate increases is 2% each 5 year period, with a maximum rate of 8.875. Average rate for 1st ten years should be less than 4.875. If you hold it for 15 years, the average rate should be 5.875.
On a 2-fam it’s around 800. 3 may be smidge more. Rates look OK.
Fixed versus variable a likely debate causer – a complex issue. Approach I took – fixed on conforming amount, LOC on the rest. Different strokes.
Congrats on purchase!
Any reason you are looking at ARMs and not fixed rate loans?
Double check but I believe the conforming limit for a 3 family is $1.2 and some change. You might qualify for your $1 mil on a conforming basis.