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 » A Guide to Leavenworth, Washington Condos

A Guide to Leavenworth, Washington Condos

Topic: Mortgage

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Sham
We have a fixed rate mortgage and when we got it 3 1/2 yrs ago, we deecdid that the best thing for us (not for everyone, obviously) was to lock in for a 10-yr term at 5.5%. Yes, the variable rates are super low and have been for the last 2 yrs or so, but we sleep well at night knowing we calculated what we could afford monthly for a 10 yr period and we have no worries about what the rates will do for the remaining 6.5 yrs left on our term. We can afford 5.5% and probably upwards of 7-8% if necessary and we also have some wiggle room to temporarily extend the amortization from the current 16 yrs back up to 20-25 or even 30 yrs if we are suddenly down a significant amount of income. We'd hate to do that, but it's an option in the case of a sudden temporary income loss.
read more... 12/17/2012

Nino
You can roll in other debt to your mortgage dndenpieg on how much you qualify for and how much you intend to borrow. The question of weather you should is a matter of your circumstances. You usually pay less in interest on a car/student/credit card loan over the life of that loan than you would if you payed interest on it over the 30 years of a mortgage. Your mortgage broker should be able to show you what the actual cost would be throughout the life of the loan.
read more... 05/02/2012

artitaya
The way to make this work is for you to buy a 2 or 3 or 4 flat and live in the building. Otherwise it won't work. Frequently after 4 units, even if owner ocecipud, you make the higher down payment and pay the higher interest rate, but check around with lenders. You need larger down payment for investment, non-owner ocecipud dwellings. It's harder to get loans, there is higher down payment and higher interest rate when not owner ocecipud. Banks only count 65% of rental income as there could be vacancies.FYI: Knowitall, There are wrap mortgages that cover more than one property, but doubt he could get one as a novice real estate investor.
read more... 05/01/2012

Jacob
My father is a coicermmal real estate broker and he has definetly made a very successful living off of it. I dont know exactly how much comission he makes, but I have heard he has made 4 million before on one building, I dont know if that is the highest he has made on one building though. He has sold 70 million dollar buildings before. It definetly makes you much more than residential real estate. And the market doesnt get bad for coicermmal. It is a better market and a smarter choice.
read more... 05/01/2012

Read all comments: 4

 

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