Should I get a fixed rate mortgage if I plan to remodel right away?

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10 Responses to “Should I get a fixed rate mortgage if I plan to remodel right away?”

1. bbbbbbbbbbbb on: 6 December 2009 at 9:00 am

   Speak to your lender about a FHA 203K loan. The 203K loan is sometimes refererred to as a "rehab loan". With a 203K you can have the kitchen/bedroom remodel costs place into your initial loan. The rehab must have estimates up front and also must be done by an approved contractor.

   The home must be able to be appraised at the completed price. For example:

   Say the home is listed at $150,000 and has an ancient outdated kitchen and bathroom. Before making an offer you get estimates from an approved FHA203K contractor for remodeling the kitchen and bathroom. The estimates come in at $30,000.

   An appraiser will then appraise the home as if the remodel has already been done. As long as the home appraises at $180,000 you will be able to get the loan.

   A huge advantage to doing it this way is you do not need to have that $30,000 in hand or need to borrow the money later at higher rates. The rehab is done straight away so you do not have to live with the outdated kitchen/bathroom. Your monthly payment on the loan on 150K vs 180K should amount to around $180/month additional.
2. teran_realtor on: 6 December 2009 at 9:00 am

   To answer that question, I need my crystal ball so I know what the interest rates will be in two years…….. OK. It says interest rates will be about 9.5% in 24 months, so get the fixed rate now as a precaution and probably end up staying with it. Values also will continue to drop for the next 5 to 8 years, so you will not be at 80% LTV then anyhow.
3. danna_bill@sbcglobal.net on: 6 December 2009 at 9:00 am

   I am a firm believer in a fix rate mortgage
4. Judy on: 6 December 2009 at 9:00 am

   Don’t touch ARMS right now.
   Interest rates WILL NEVER be lower again in your lifetime.
   That means interest rates will go up.
   Money magazine has stated that rates could double in just 5 years.

   Anyone that thinks interest rates will go lower EVER is a fool and should be taken advantage of.
   /
5. Andrew on: 6 December 2009 at 9:00 am

   Fixed rate unless you have the capital to pay the increased ARM payment when real estate tanks again and your LTV is 120%. Real estate will not recover until employment does, so it really depends on where you live.
6. Joshua on: 6 December 2009 at 9:00 am

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7. Avis on: 6 December 2009 at 9:00 am

   You can find the answer to this at http://www.freearticlesdb.com/finance/mortgage-debt-advice.html
8. Nabers on: 6 December 2009 at 9:00 am

   Yes, fixed rate mortgage is always safer. You can discuss the things with your attorney for your mortgage related issues.
9. Marie Sullivan on: 6 December 2009 at 9:00 am

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10. Rick on: 6 December 2009 at 9:00 am

    Please go through this article I hope you will get suggestion from here
    http://www.ptmortgage.com/blog/2009/10/07/how-do-you-know-if-this-is-the-right-time-to-refinance-your-mortgage/

    This also can helpful to you
    http://www.ptmortgage.com/blog/2009/08/06/how-do-you-choose-the-right-mortgage-lender/