By Admin on Jan 10, 2009 in Renting & Real Estate
UFgirl asked:
I am shopping for quotes to buy my first single family home which will most likely be a new construction home. I was told by one source that fixed rates mortgages are not available for new construction homes. I can only get Adjustable Rate Mortgages. Is this true? Why?
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I am shopping for quotes to buy my first single family home which will most likely be a new construction home. I was told by one source that fixed rates mortgages are not available for new construction homes. I can only get Adjustable Rate Mortgages. Is this true? Why?
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I am a Mortgage Broker and that is untrue. I would research different sources such as banks, mortgage companies and maybe call some brokers. There are several mortgage companies online also who will confirm my answer.
lynne19581977 | Jan 13, 2009 | Reply
You have the option to apply for a 30 year fixed, 20 year fixed, 15 year fixed, even 40 year fixed mortrgage.
I do mortgage loans nationally and I have done new construction extensively over a 10 year period. See my website.
Tony W | Jan 14, 2009 | Reply
100% untrue. I know this for a fact.
Real Estate Guy | Jan 15, 2009 | Reply