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What type of house is these?

What type of loan should I get for my new house?

  • I'm thinking to buy a new house $400K. My current house is paid off and can sell it for $200K. I'm planning to buy the new house before selling my current house. Once completely moved, then I'll put it on the market. I have about $100K for a down payment. Once my old house is sold, I'll apply it toward the mortgage. So, my mortgage will drop from $300K to $100K. What type of loan should I get if I plan to pay it off less than 10 years (may be much shorter)? Any other strategy to pay for my new house? Thanks in advance.

  • Answer:

    10 year fixed. PERIOD.

dol1234 at Yahoo! Answers Visit the source

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I believe that would be the best strategy

Whatever you get, be sure you can afford the loan payment on the full $300K since that's what you'll be paying until it sells - and that can be quite awhile. Within that, take the shortest loan period you can, since your interest rate should be lower on a shorter term loan.

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