Of all the mortgage products out there from 30yr fixed to interest only mortgage loans, which is the best value for taking up residence for just 2 years, possibly three?
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3 year adjustable.
Depending on your financial goals and you concerns with equity vs cash flow there are a great range of programs available currently the yield curve is inverted so 30 year fixed mortgages have a lower 0 point rate then arms do, on todays market you could get a 30 year at 6.375 for 0 points which is great or you could go towards a loan with an interest only option with the 0 point rates starting at 6.75, but a lower payment.
Get an ARM with a low fixed rate for 24-36 months…and make sure there is no prepay penalty.
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I’ve worked in mortgage before and also just had a new home built almost two years ago and I say, interest only loan. It will make your payments cheaper for while you are living there. One thing you need to watch out for is a pre-payment penalty. Make sure that you either don’t have a pre-payment penalty or make sure that the penalty expires before your 24 months is up. Otherwise they will charge you a few thousand dollars to pay off the loan and sell the home early. You can do an adjustable rate mortgage that is interest only also. Those are good if you want to keep the payment low and plan to move out pretty quickly, which 24 months is pretty quick.
Good luck!
Cheapest payment is an interest only loan. If you are thinking 2 or 3 years, I’d look at 5 year arms or 7 year arms. The 3 year is BARELY better from most of the lenders I work with. This will give you a little cushion in case you change your mind. It is certainly good to have a plan (2-3 years), but make sure you have a back-up plan.
You should be able to find 5 or 7 year ARM, interest only in the low to mid-sixes.
Good luck!
Joe…