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Old 11-24-2010, 05:19 AM
 
432 posts, read 1,137,599 times
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Does anyone know what the longest fixed rate mortgage you can get for a mixed use property in NJ.
So far I have found loans with a 30 year payout and the rate is fixed for the 1st seven and then it adjusts .
I haven't called in awhile and forgot how long the 2nd rate applies.
A 20 year fixed would be perfect.
Not sure it's available.
Thanks
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Old 11-24-2010, 04:12 PM
 
Location: New York
2,251 posts, read 4,154,268 times
Reputation: 1607
Quote:
Originally Posted by beachouse View Post
Does anyone know what the longest fixed rate mortgage you can get for a mixed use property in NJ.
So far I have found loans with a 30 year payout and the rate is fixed for the 1st seven and then it adjusts .
I haven't called in awhile and forgot how long the 2nd rate applies.
A 20 year fixed would be perfect.
Not sure it's available.
Thanks
You have a 7/23 ARM, where the rate is fixed for the first seven years, then adjusts probably 2% each year to your loan cap. It might be a pleasent surprise, being that the rates are currently low and your payment can go down....

If you are concerned about the rates going up - here's the cheapest and easiest way to help your self. Contact your existing Lender and ask for a Stream Line Refinance into a 30yr loan. Once you are in that loan, make one extra payment a year, knocking off 7.5 years. If you told me the loan amount, I'd tell you the P/I payment you need to make to result in a 20yr term.

Good Luck

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Old 11-25-2010, 07:53 AM
 
432 posts, read 1,137,599 times
Reputation: 337
Quote:
Originally Posted by Modification Specialist View Post
You have a 7/23 ARM, where the rate is fixed for the first seven years, then adjusts probably 2% each year to your loan cap. It might be a pleasent surprise, being that the rates are currently low and your payment can go down....

If you are concerned about the rates going up - here's the cheapest and easiest way to help your self. Contact your existing Lender and ask for a Stream Line Refinance into a 30yr loan. Once you are in that loan, make one extra payment a year, knocking off 7.5 years. If you told me the loan amount, I'd tell you the P/I payment you need to make to result in a 20yr term.

Good Luck

This would be for a purchase money mortgage.
A Stream Line Refinance is available for a commercial mortgage ?
Thanks
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