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i'm torn between going with a cosi or a 30 yearfixed. i'm a first time buyer puting down 10% and the cosi is giving me a 4.10%min. payment rate, index at 3.36 and fully indexed rate at 7.10%(think thats what it tops out at. and the 30 year fixed at 6.75% stated income nodoc. min payment 1417.00 month intrest only 1682 30 yrpay 1919 and 15 yr 2606. + about 380 for ins. and taxes. and the 30year fixed would be 2300 including taxes and ins. most likely will stay from 5 to 10 years thanks dk

helping_user

Hi Dk,

I think looking for 30 year fixed rate mortgage is the better option in today's mortgage industry as per the rate offered to you.

But one thing I just noticed that your lender has charged 6.75% rate for 30 year fixed mortgage. And I think that is too high. Because still now many lenders were offering 30 year fixed mortgage at 6.4% to 6.6%. So, I just suggest you to contact few more lenders and try to get best lower rate.

Thanks

Caron · Posted: Sun May 21, 2006 8:36 pm Post subject: RE:cosi vs 30 year fixed

Hi,

What I personally feel is you will be doing better with a 30 year fixed rate mortgage. This is because the rate here seems to be lower than that of the fully indexed rate on the COSI.

Moreover, the minimum payment rate is likely to move upwards until and unless it reaches the fully indexed rate. Also, the COSI being an adjustable rate mortgage, the rates will be adjusted at regular intervals, say on a monthly basis, with respect to the financial Index COSI.

There is also the possibility of negative amortization since there's the option of minimum payment also. So, even though you plan to stay for a period of 5 to 10 years, I think you should go for a fixed rate loan rather than the COSI loan.

For more knowledge on COSI, please click here.

Thanks,

Caron.

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