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Which loan program works best if I plan on staying in the house for 3-5 years before selling? Adjustable loan or other option?

by harold923 from Mulberry Grove, Illinois. Nov 30th 2016 Reply


Patty Harrison (PattyHarrison)
#94 ranked lender in Illinois - 60 contributions

It depends, if you are a Veteran or choose an FHA loan it may be best to choose a Fixed loan because this rate can be assumed by the new buyer as long as they credit qualify. Otherwise, an adjustable will save you money monthly until you are ready to move. If you have any other questions or need assistance, please contact me. Thank you, patty@smartmtgs.net

Nov 30th 2016
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Bob Betel (bob@allstarhomemortgage.com)
#136 ranked lender in Illinois - 1 contribution

If you are planning to stay in your house for only 3-5 years, an adjustable loan would work just fine. But a 30 year fixed rate, at the low rates we have now would be better in the long run. Many consumers think they only stay 5 years, but things can change, and they wind up staying longer. You have to look at it in a case by case basis. When you sell, are you buying something else, and if so, would you make the move if the rates were at 6% 5 years from now? Call me at 847-441-5050 to discuss your options and so that I can answer any questions you may have. You can also E-Mail me at Bob@Allstarhomemortgage.com. Thanks

Nov 30th 2016
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Thomas Savastano (info@hlpmortgage.com)
#120 ranked lender in Illinois - 1 contribution

Hi Harold. Maybe even a 7 year fixed. shoot me an email if your interested in going over your options.....no rushross@hlpmortgage.com

Nov 30th 2016
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Barclay Butler (Barclay)
#85 ranked lender in Illinois - 62 contributions

I would recommend an ARM, as long as the rate differential is substantial compared to the fixed product.. Barclay Butler. 224-420-9990 bbutler@barclaybutlerfinancial.com.

Dec 1st 2016
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