I found a great park. Turn-key, which is exactly what I was looking for. I was very excited until today when I spoke to the bank.
I have over 20% down and the broker I’m dealing with told me that I am approved as stated. Only problem is the options he is giving me don’t sound 2 appealing to me.
This is my first Park so maybe these terms are the norm. I’m hoping one of u guys can either put my doubts to rest, or point me in the direction of a better deal.
Here are the choices I was given.
6 month arm at 8.99% with a 2 cap per year and 6 cap over life of loan
2 year fixed at 10.89 same caps
5 year fixed at 11.25% same caps.
All choices were amortized overe 30 years.
Are these rates Ok or should I keep shopping around?
Any suggestions are totally appreciated.