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Question for those that did a 80/15/5
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Question for those that did a 80/15/5
What type of mortgage did you take out for the smaller loan? Our mortgage broker said we could pick from either a home equity line of credit with a variable rate or a 15 year or 20 year fixed? Just wondering what everyone chose....we are really confused.
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Posted 6/29/05 12:49 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
lily
LIF Infant
Member since 5/05 164 total posts
Name:
L
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Re: Question for those that did a 80/15/5
We did a HELOC that has a variable interest rate. The good thing about a line of credit that I didn't realize at the time is that you will always have the amount that you have paid off on the loan available to you as credit. We got a checkbook that we can use against our credit if we ever need to. I don't really know much about a 15 or 20 yr fixed. Would you still be able to avoid PMI? We did the HELOC because we wouldn't have to pay PMI.
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| Posted 6/29/05 1:25 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Question for those that did a 80/15/5
We did a line of credit with a variable rate and the rate keeps going up. DH works for Washington Mutual so we are going to try to switch over to a fixed rate line.
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| Posted 6/29/05 1:42 PM |
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KaRiSsA
~*~*~*~*~*~*~
Member since 5/05 4646 total posts
Name:
KARISSA
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Re: Question for those that did a 80/15/5
Posted by charon54
We did a line of credit with a variable rate and the rate keeps going up. DH works for Washington Mutual so we are going to try to switch over to a fixed rate line.
Us too! The rate was 4.5 and it's 6.5 now!
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| Posted 6/29/05 1:43 PM |
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