mortgage years
Getting a divorce forces refinancing. Don't plan to stay in it more than 2 years. What is best mortgage?
If I know I will only be in the house for a short period of time is there some type of mortgage out there that will decrease the payments. My goal is to make some repairs and upgrades and prefer lower payments until the sale is complete. Need to allow 2 to 3 years before sale is complete. Live in S. Texas and housing market is stable.
If you know you will be out in 2 or 3 years an ARM is the way to go. Only if you are sure because the interest rate starts out low and goes up yearly. In under 4 or 5 years you will be ahead in the game, after that it will eat your lunch.
There were also some interest only mortgages, but I'm not sure if they are around any longer.
Get a good mortgage broker, but don't get one here if they solicit you. You want a great mortgage broker you can look in the eye, and one with good references. Preferably from a good trusted Realtor.
Habitat for Humanity partner family pay off their mortgage in 15 years!
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