Updated over 8 years ago on . Most recent reply
Offer accepted...is this good financing?
How do I evaluate whether this is good financing or not? Are rates different for multi families? I thought rates on 30 year fixed right now were around 4.0%...
With 20% down $108,000 down payment; add in closing costs $3965 (Two Family) and prepaids $5268; total funds needed is$117,223 (includes first year ins premium).
With 20% down we can get 4.25% 30 fixed
$432,000 at 4.25% PMT is $2125.18
RE Tax $350
Home insurance $175
PMT $2650.18 monthly (PITI)
Most Popular Reply
@Michael Zack Very familiar with 10/1 ARMs. I have one on my primary residence. That spread isn't all that big between the 30 Year and the 10/1 ARM. If the point is the hold this property long term, I would think you need to go 30 Year Fixed all day.