I’m looking at buying a new house, and I’ve found the perfect one. I’m getting ready to place a bid on the house. I’ve already been approved through my personal bank with an adjustable rate for 5 years at 2 percent. This loan can only go up 2 percent every years, and can only go to 10 percent maximum. I was wondering if this was a good mortgage, or should I find something else?
I’m also a Correctional Officer and I know some companies like Wachovia offers Mortgage specials for Law Enforcement and was curious to if anyone knew if these were worth applying for or if I should check another option.
Any help would be appreciated.
The Bank Loan I spoke of is guaranteed for 5 years. Can only increase 2% every 5 years, topping out at 10% total. I could refinance if it became a problem and went past 5-6%. ?