Re: COFI ARM - Posted by Nox(CT)
Posted by Nox(CT) on September 23, 2004 at 23:03:48:
Thanks for all the replies,
It’s been a busy / crazy week, thought I would give an update.
I told my lender that I wanted to keep my payments at $1300 or below, including tax / ins.
This is what he came back with
(Good faith Estimate)
Owners asking 209k, offer accepted for 205k with 5k back at closing.
$207k sales Price
Loan Type 80 / 20
- Base Loan amount $165,600 @ 5%
Interest only initial 2 years, after which switches to ARM. Refi at this point if I decide to keep the home. Sell otherwise, get bigger place.
- Base Loan amount $41,400 @ 8.125%
Fixed rate 30 yr, ballon (30/15)
This loan buys some equity, at least up to 41k correct?
#1 Princ / Interest = $690
RE Tax = $266
Haz Ins. = $40
Total = $996
#2 Princ. Int. = $307
Combined = $1303
I am borring the extra 2k of the 207k so that all closing costs are paid, all said and done, once I receive my 5k deposite back minus apprasial / inspection, this is 100% financed.
It seems to add up to me, but I am not a professional in this, all and all I am very happy if they pull this off.
let me know what you think.