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Old 08-31-2008, 12:48 PM   #1
mrmonster
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Best options for a small home loan
My question involves small mortgage loan amounts. For example, I'm thinking of taking out a mortgage for about 60k (the house is selling for 160k, and I'm putting down 100k). In choosing the type of loan and term lengths, are there any special considerations for loans of such a relatively small amount, such as 60k?

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Old 08-31-2008, 07:14 PM   #2
Jim Olenbush
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One thing I have seen before is lenders charging higher rates or extra fees for a loan that is below a minimum amount. Double check for that, and if there is a minimum for the best rates you may want to put down a little less cash. Good luck with the purchase!
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Old 08-31-2008, 09:26 PM   #3
mrmonster
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Thanks, I'll check; I would never have thought of that!
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