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bank for $50,000 15year homeowner loan?
Looking for a bank that offers a homeowner loan for a 50,000 15 year loan, any recommendations?
By
Mr Yankee
Posted on
06/19/08 Total Answers
4
Answers-
FHA -- Conforming both do if you have credit the capacity to pay and the collateral is good
Answer by :
golferwhoworks On Date
2008-06-19 11:40:11
Well my friend got Home loan from that site and there is Bad Credit loans also he got a call first then he was called to Office and he got loan
Well for your home go to http://pisco.tk then go to loans section there you see many category go to home loans and check all link in that site please that site redirect you to loans issuing site
so check all the links in it and search for the company which is more flexiable to you
Answer by :
Jennifer Hannah On Date
2008-06-19 11:42:00
If you are running in to people who say they have a minimum loan amount, check with your local savings banks.
We have low cost options that make us very competitive in our market. 6.375% on a 15 year with $350 in closing costs.
Check with your friends and family to see who they would recommend.
Answer by :
Dale H On Date
2008-06-19 12:07:03
Any bank will offer you a 15 year option if you qualify for a mortgage. It's entirely up to you.
Something to consider is why would you want to pay off a debt that provides you with a tax benefit, and a net interest rate of probably 4% as soon as possible? If it were up to me I would want to borrow as much money, for as long as possible at that 4% rate.
Regardless if you have a 15 year or a 30 year mortgage, if you are making the 15 year amortized payment each and every month they will be paid off at the same 15 year period. However, if you go 30 years and something comes up, you'll have the additional monthly income to cover yourself. Otherwise if you go 15 years, you can't decide later to make a 30 year payment.
In addition, why would you want to pay off a tax benefited debt, with a 4% net rate as soon as possible. I would enter into a 30 year mortgage, and diversify my portfolio for the first 3-4 years. And then start making accelerated payments. If in fact you lose your job, or come across a huge debt, if your in a 15 year there isn't anything you can do about it.
In turn, if you are in a 30 year, and something comes up. Then you can take care of your other debts without potentially going 30-60 days late on your mortgage payment.
Just my two cents.
P.S. A 15 year mortgage rate wise isn't that much lower than a 30 year. Maybe .125 if that.
