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08-27-2002, 02:27 PM
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#1 |
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mortgage question
I got 2 quotes for a 5/1 ARM. 1 estimate is at 5% with $6700 in closing costs and the other is at 5.375% with $5425 in closing costs. I plan to sell the house before the fixed portion of the loan expires. The house will be used as a rental property. Which is the most beneficial?
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08-29-2002, 07:57 PM
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#2 |
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Guest
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If you finance the closing cost, the 5.375% will cost about $44 a year less.
Because this is a rental the closing cost will be figured into your basis, and that will be depreciated over the period you own the rental. |
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01-23-2007, 10:58 AM
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#3 |
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Registered User
Join Date: Dec 2006
Location: Florida
Posts: 6
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MortgageLenders.cc - Consumer Loan Quotes
When looking for quotes for a mortgage you want to make sure of a few things.
1) Don't let anyone pull credit before you decide which offer you want to go with. 2) Get good faith estimates before signing any docs. 3) Pull your own 3 in 1 credit report with scores and let them use that first. 4) Use a service that protects your privacy. I would recommend www.mortgagelenders.cc for this because they will get your information to a lender that matches your needs and you can have yourself pulled from that database once you made a decision. Best of luck |
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03-23-2007, 09:09 PM
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#4 |
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Registered User
Join Date: Mar 2007
Posts: 5
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good advice steve!
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