Consumption and Real Estate
What is the best type of mortgage loan for the lowest monthly payment?
Question : What is the best type of mortgage loan for the lowest monthly payment?
30 year fixed? 2/1 ARM? I need a loan with no PMI and low points and the lowest possible mortgage payment a month. What Im working with:
Credit score 600
Annual assets (Salary) 34500
Monthly Debt: 70
House loan amount: 106000
Available to put towards closing costs (Including down payment) 12000
Any ideas?
types of mortgage loans
Best answer:
Answer by zyberianwarrior
obviously you haven’t been watching or reading about the mortgage meltdown. 30 year fixed and certain lenders will ignore the rip off PMI crap. Shop around but insist on 30 year fixed.
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#2 written by sti 1 year ago
I think you have a lot of options but need to look into a few different lenders to see who will give you the best rate. I would think that most lenders will work with you. This site also offers some good information, but it’s more centered on investment properties: http://www.investmentpropertiesinfo.com/investment_property_financing.html
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I have programs for individual with midscore of more than 600 which will allow you to go without PMI and of course a low payment.
If you think that all of your scores are more than 600, please get in touch with me for 24 hour approval.