Hi All,
Have asked the paid experts that we interact with, the broker, agent, cpa, etc., but they seem to have hidden interest in what they recommend to us. Many of you have many properties, could you provide your thoughts on this, given that there is no one right or wrong answer to this.
Downpayment: 10 to 20% (have money for 20% down but it depends on other opportunities)
Loan Option 1: 7/1 ARM (7/2/8), 3.5% when closing cost is paid, 4% on no closing cost.
(or)
Loan Option 2: 30 year fixed, 4.25% (when one point is purchased, it is 4%); closing cost to be paid.
Age: 40 yrs, Primary home, intend to use minimum of 7 years and then continue there or rent and move on. No intention to sell but who knows. No relocation plans at this time.
Will be able to afford interest increases, but will feel bad about the extra cost, if that scenario arises.
Appreciate your help!
Have asked the paid experts that we interact with, the broker, agent, cpa, etc., but they seem to have hidden interest in what they recommend to us. Many of you have many properties, could you provide your thoughts on this, given that there is no one right or wrong answer to this.
Downpayment: 10 to 20% (have money for 20% down but it depends on other opportunities)
Loan Option 1: 7/1 ARM (7/2/8), 3.5% when closing cost is paid, 4% on no closing cost.
(or)
Loan Option 2: 30 year fixed, 4.25% (when one point is purchased, it is 4%); closing cost to be paid.
Age: 40 yrs, Primary home, intend to use minimum of 7 years and then continue there or rent and move on. No intention to sell but who knows. No relocation plans at this time.
Will be able to afford interest increases, but will feel bad about the extra cost, if that scenario arises.
Appreciate your help!