Home Morgages

United States
February 25, 2007 5:02pm CST
So my wife and I are moving to Columbus, and we're looking to buy a house for a 4-5 years. I was told that a 30-year fixed mortgage is probably not the right one for me. I was thinking about ARM mortgages, or interest only mortgages, and somebody told me about LIBOR mortgages (which I know nothing about). Does anybody have any suggestions?
3 responses
• United States
7 May 07
picking a loan program should be based on what payment is good for u. in most cases an adj offers the lower rate then a fixed rate. also keep in mind the with an adj the rate adjust after it's term wether it be 3 years 5 years or 7 years. most homeowners refinance in 2-3 years. so i would go adj. especially because u first time homebuyer. fixed 30 year rates tend to be higher on a new purchase. interest only can also be helpful as well the down side to interest only is that you are not paying down the payments on your home. get a loan that will work for u then refinance it later if u haven't do so already.
• United States
7 May 07
thanks for teh advice.
• United States
7 May 07
anytime
• United States
28 May 08
DO NOT GET AN ARM. That's the only suggestion I'll make!
@classy56 (2882)
• United States
25 Feb 07
if it were me i would go with a fixed rate morgages,that way your payments wont do up an down.with some homeowner loans your payments will go up an down every month so you have to be carefull.check with your realtor an see what they recommend for you..you moveing to columbus ohio.or ind or were.i was just wondering.good luck on your new home