Hello every one... I was looking for some information on mortgages and came across this site. I can really use some suggestions and advices. We are in the process of selling our current place and buying a new one. Since the realtors and closing costs takes out the better portion of the equity in the house, we can put only 5% down towards the new house. Now with the new mortgage rules and all, I cannot qualify for >375K purchase to get variable rate; but can go upto 435K, if going with Fixed rate (5 yr closed). Most of the houses meeting our needs are in the 400-425 range. So, we can purchase using Fixed rate only! I inquired about the possibility of getting an ARM for 350K, 25K down and rest 25-50K as second mortgage, but was told No, as my down payment is only 5%. When I am looking at the monthly payment, going with ARM will save me upto 450 per month in interest payments alone! Any suggestions/advice around this?

Another aspect is, my car payments, which is lowering my max. mortgage amt. My minivan needs around 550 per month payment, but the lease is coming up in a couple of months. If I don't have this payment, then I can borrow another 25K or so in ARM itself. I looked at returning the van and getting a new one and at extending the lease on the current one. but payments are only going up for either of these cases. I checked if I can roll the purchase value into the mortgage (21K), but answer was No, citing the 5% downpayment. Any options? Any where I can get low rate loans to pay for the car?

Hi Aqua

Check your PM.

-----------------------------------------------------------------
Best regards

Lali

Best known lenders will consider properties of support for a mortgage. However, this will normally be covered by the observations in the assessment of land. Supervisor may request additional information on the work. You can also consider making your own independent evaluation before asking your mortgage..