About Patricia Tyer Expertise I have been a mortgage origination business for the past 20 years as a senior loan processor, closer, loan officer. I am very well versed in all types of mortgage loans and applications, from FHA to VA (government financing), to conforming loans to B, C loans, and properties from mobile home plus land loans to multimillion dollar homes. I would be happy to help you put together even the most difficult package, and also place the loan for you to get the very best rate, as I am a mortgage loan broker as well.
Question Patricia, first of all thanks for the service!!
I own a home that has a $245K balance and appraised for
$295K. I want to keep this home and purchase a new
(literally) home valued at $375K. Because I want to keep my
existing property, I will have no money to put down on a
new and therefore will need 100% financing. My credit
score is 715 and my income is 100K. I was looking for an
interest only loan for either 7 or 10 years; however, one
person I spoke with really encourgaged me to go with the
Option ARM loan. From what she said and what I've read,
this seems like a great plan. I understand the negative am
issue as the difference is added to the mortgage. Discipline
is important. Is there anything that I'm missing with this
type of loan. Are there hidden risk? No one else every
mentioned this as an option.
Thanks.
Gary Gray
Answer Hi Gary,
Why don't you just go with a very low fixed rate? If you are in Texas, I would love to help you with no money down. The only thing with an ARM loan is that high start rate of MI that you will have to pay in your payment. But since it is just a short time deal, I would just roll with it. I never suggest an arm loan, there are so very many variables you know, and I always point out the start rate on that teaser arm is just about as low as a good fixed rate loan! Thank you for your inquiry, and please do not hesitate to email me back, as I would be glad to help you with your new loan ! Thanks again,
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
