Can I avoid Jumbo loan rates near two mortgages?
I am relocating for work. I want to buy a 750K home and have 200K to put down. I would like to seize the max conforming loan (417K) for 30 years and a second loan for the rest (137K). I plan to pay off the second loan contained by a few years (i.e., quickly) and therefore would like to hold the lowest possible rate on the first loan. What is the best way to do this? Is Jumbo the answer or is there a track to lock in non-jumbo rates for 30 years?
Answers:
The interest rate on the 2nd will be high. There will also be a second set of fees (two loans).
In the long run, it probably won't backing you.
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20 years at 6%. Is there ANY possibility that our interest rate could go up depending on the discount? Any sneaky tricks the bank could have played on us? I'm getting paranoid beside all these foreclosures. It's not an ARM, its fixed. If it is fixed, it is...
Answers:
The interest rate on the 2nd will be high. There will also be a second set of fees (two loans).
In the long run, it probably won't backing you.
Related Questions:
We own a fixed rate mortgage...?
20 years at 6%. Is there ANY possibility that our interest rate could go up depending on the discount? Any sneaky tricks the bank could have played on us? I'm getting paranoid beside all these foreclosures. It's not an ARM, its fixed. If it is fixed, it is...