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| The Scuppers This is a new forum for the not necessarily fishing related topics... |
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08-11-2011, 09:30 AM
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#1
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Super Moderator
Join Date: Sep 2003
Location: Georgetown MA
Posts: 18,203
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what about a 10 year mortgage...are those possible?
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"If you're arguing with an idiot, make sure he isn't doing the same thing."
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08-11-2011, 09:48 AM
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#2
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Certifiable Intertidal Anguiologist
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 35,270
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I'm thinking about going 15 years...
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~Fix the Bait~ ~Pogies Forever~
Striped Bass Fishing - All Stripers
Kobayashi Maru Election - there is no way to win.
Apocalypse is Coming:
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08-11-2011, 04:29 PM
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#3
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Registered User
Join Date: Nov 2003
Location: RI
Posts: 21,463
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Quote:
Originally Posted by JohnR
I'm thinking about going 15 years...
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I did when re refi'd a few years ago. Running the numbers the added payment per month really wasn't that much.
-spence |
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08-11-2011, 04:57 PM
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#4
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Registered User
Join Date: Oct 2005
Location: RI
Posts: 383
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Quote:
Originally Posted by JohnR
I'm thinking about going 15 years...
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I just went from a 30 to a 20 took 5 years off and my payment is 265. less/mo
I could have done a 15 for the same payment i had on the 30, but i wanted the extra monthly dough. |
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08-11-2011, 11:32 AM
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#5
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by The Dad Fisherman
what about a 10 year mortgage...are those possible?
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3.25% no points no closing costs. What you owe is what you will borrow. |
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08-11-2011, 02:03 PM
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#6
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Land OF Forgotten Toys
Join Date: Sep 2009
Location: Central MA
Posts: 2,309
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How Difficult is it to qualify for a fifteen when you already own a property. High sevens and mid 8's for credit scores wife and I. I am already approved at my bank to borrow 440. I am looking to borrow 260 maybe.
We are definitely buying in the next three months
3.75 with a score of 580 That is insanity!
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I am the man in the Bassless Chaps
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08-11-2011, 02:24 PM
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#7
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Registered User
Join Date: Jul 2008
Posts: 2,939
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MBS's are moving in the wrong direction as we speak. Hopefuly it won't be a trend. I did manage to lock in 2 SBer's in at 3.99 on 30 fixed with no appraisal needed.
Jackbass just call me I think you have my number.
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08-11-2011, 02:31 PM
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#8
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DDG-51
Join Date: Mar 2002
Posts: 3,550
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Quote:
Originally Posted by WESTPORTMAFIA
3.25% no points no closing costs. What you owe is what you will borrow.
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There are no fee's?
For example $100K @ 5.75% apr with current lender 10yrs left on 20yr loan, and the apr is cut down to 3.25 10yr loan.
zero cost to home owner, just a new lender and smaller monthly payment? |
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08-11-2011, 03:15 PM
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#9
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Registered User
Join Date: Jul 2008
Posts: 2,939
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Quote:
Originally Posted by fishsmith
There are no fee's?
For example $100K @ 5.75% apr with current lender 10yrs left on 20yr loan, and the apr is cut down to 3.25 10yr loan.
zero cost to home owner, just a new lender and smaller monthly payment?
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Yes. The lender pays me a premium of 3 % to send them the loan. My comp is 1.5% of the loan amount and I credit 1.5% back to the borrower to pay all of their closing costs. So at the end of the day it cost you 0. Thats on a 10 year. The spreads are different on different terms. |
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