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Do you know what the LTV (loan to value) was for that loan offer ?
9.25 isn't too bad for investment property. However, having it fixed
for only 3 years would worry me. That means it was either a 3/27 or
3/17. That means the rate could change drastically after 3 years.
You should be able to get a zero or one year prepayment penalty.
Send me an email and tell me what you actually want to accomplish.
I'm a loan officer. We are licensed in all 50 states.
Donald Sievers
On 22 Mar 2007 15:30:12 -0700, lakepeir@yahoo.com wrote:
>Hello,
>
>I've an offer accepted on some investment property that I'd like
>to buy. I sent the offer to purchase to my bank and they came back
>and said I was approved for a 3 year fixed 20 year amortization loan
>at 9.25% interest rate. I orginally asked for a 10 year loan with the
>option to pay off the loan early. I think the interest rate is very
>high and the 20 year amortization can possibly change the interest
>rate. Can someone offer me advice? Thanks.
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Re: Newbie Q about fixed interest rates and 20 yr amortization loan
