Albuquerque Business Daily

What is the best loan to get in albuquerque for single guy looking to say in home about 10yrs?

NO credit problems but want to buy the most house I can.

Public Comments

1. intrest rates are still very low. Lock in a 15 or 30 year fixed. Don't fall for the adjustable arms. in 3-5 years the rates go up and you'll be getting fourclosed on like many others. Just get a fixed rate!
2. Fixed rate 30 yr mtg. Don't do an ARM cause rates are only going to go up in the future. Interest only loans are the biggest rip off/scam going in the mtg. industry. You never build equity that way.
3. hmmm... kinda depends on just exactly what it is that you're "looking to say in home".
4. What is your goal? Pay it off quickly? Have the lowest payment possible? You could do a 10 year ARM, the rate is fixed for that first 10 years and will adjust after that. Or you can go with a 15, 20 or 30 year fixed rate.
5. One option may be to get a 10/1 ARM, the interest rate will be locked in for ten years, and will usually be lower than a 30 year fixed rate loan. A second option may be a 7/1 Pay Option ARM, I know of a particular one that comes with a Fixed Rate Conversion Option, so if rates drop you can lock in and convert your loan to a 30 year fixed rate loan without having to refinance or lose the years of payments you've already made on the loan. Anyone saying, or thinking, that a 30 year fixed loan works for every situation is in my opinion, uneducated on the purpose of the different mortgage products available and their specific purpose that they fulfill. Hope that helped a little, but I think your best bet is to get with a professional mortgage planner that can help you analyze your needs and find the program and options that will best serve your goals.
6. I really love the 30-year-fixed interest-only for this scenario. See http://www.rogerv.com/InterestOnly_a.html for more info on this.