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riniko
LIF Toddler
Member since 3/06 486 total posts
Name:
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80/20 Mortgages?
I am trying to understand 80/20 mortgages. Does anyone have one? I understand that 80% is fixed and 20% is variable.
How long is the variable loan for? Is it 30 years also??
Does anyone have any insight? If you have one, can you also share what interest rates you have and when you got your mortgage?
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Posted 7/11/06 1:12 PM  |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: 80/20 Mortgages?
Posted by riniko
I am trying to understand 80/20 mortgages. Does anyone have one? I understand that 80% is fixed and 20% is variable.
How long is the variable loan for? Is it 30 years also??
Does anyone have any insight? If you have one, can you also share what interest rates you have and when you got your mortgage?
WE DID THIS, AND WE LOCKED OUR 20% LOAN IN ASAP. THE RATE STARTED AT 6% AND ENDED UP TO 8% SO WE REFIN AND LOCKED IT IN FOR 7% FOR 5 YEARS
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| Posted 7/11/06 1:14 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: 80/20 Mortgages?
I had a 80/20 mortgage- the 80 was a five year loan as was the 20 since I wasn't staying in my condo for more that time. But they were both fixed rates for that five year term so I don't think the 20 mortgage needs to be adjustable.
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| Posted 7/11/06 1:15 PM |
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MrsSchwags
Soccer Baseball Lax Mom
Member since 10/05 11240 total posts
Name:
Jennifer
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Re: 80/20 Mortgages?
we also did an 80/20. the 20% is at a higher rate but we plan to refi in about 2-3 yrs
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| Posted 7/11/06 1:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: 80/20 Mortgages?
Posted by MrsSchwags
we also did an 80/20. the 20% is at a higher rate but we plan to refi in about 2-3 yrs
you can also re-fi if you house goes up in value enough to cover the different - example
if you bought a $500K house
80% mortage for $400K and 20% for 100K
and then you house value goes up to $650K- you can re-fi
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| Posted 7/11/06 1:55 PM |
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