Loan terms

[dynomonkey]

Currently looking for loans to purchase a SS. Curious on what terms people are on. The SBA is offering a 25year term with 6% and a monthy adjustable. The banks is loaning 15-20 year at 7% and adjustable every three years. What have you guys done.

 

[borumrm]

Refinancing one of my loans right now. Bank A which has the loan has offerred 6% 5/15 but they want a new appraisal and a new environmental.

Bank B which has two other loans already offered 6.25% 3/15 and they want an updated appraisal. Nothing mentioned about an new environmental. Probably Bank A loses this loan.....

 

[Greg Pack]

There is a decent chance in the next five-ten years that rates will skyrocket.

Ask yourself if the loan is workable with a 12% note. If not, lock the rate in over the entire term if any way possible, even if you have to pay a slightly higher rate. just my two cents.....

 

[pitzerwm]

I agree with CF, there is no way that we won't have 15% money within 5 years. The only way they are keeping it down now is that the whole world is a mess, but that won't continue.