Just Bought Condo And Need Mortgage Advice
This is my first post and I have heard alot about this site and want to say thanks for anyone who replies.
I jsut bought a condo for 200k but cashed out 5k for closing cost, so total is 205k. I want to get the best rate I can so I am asking the board. I bought this with my girlfriend and she does not work on the books. Is there any way to get her on the mortgage without pay stubs? She does have credit and it is good. I am pre approved for 250k and 5% down.
Thanks all
Welcome to TCI. ZYou'll find this is an active group with lots of great advice.
To answer your question - YES. Go with a stated income verified asset (SIVA) loan. Income is stated but not verified so no documentation is needed. Rates are bit higher than for a full doc loan but not too terrible.
Good luck!
anyone else have any ideas??
Thanks
Is this tony two times from newark??
I was thinking about doing a 5 or 7 yr arm because I don't plan on staying too too long maybe 3-4 yrs the most. But I can lock in at 6.125..
What do you guys think?
30 year fixed par is around 6 today. If you are going for 5 year ARM with stated income you should do better than 6.125.
if you are locking in full doc, 30 year fixed at 6.125 today, that is pretty good.
get an interest only ARM if you not planning to live there very long(5-7yrs). Get the lowest payments and save your money. Besides for a 30 yr. fixed loan all you do is pay interest to the banks first and then you really start to pay off the balance the following 15 years for yourself .