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re: Talk me out of a 7 Year - Adjustable Rate Mortgage loan
Posted on 2/10/16 at 4:26 pm to CE Tiger
Posted on 2/10/16 at 4:26 pm to CE Tiger
quote:
he looked at a 20 year and it was 3.75% so not sure if 15 would get me under 3
Try another lender. I was able to get them down about a year ago to 3.65% on a 30 year product just by putting them in a bidding war.
1
Posted on 2/11/16 at 6:42 am to Golfer
Damn to the 2.75, we did 15 year last summer and got 3.5 IIRC.
I know a lot of people say do 30 year and pay extra towards principle - we aren't that disciplined.
It is insane watching the principal balance on the 15 year versus the 30 year. Day 1 of 15 year each payment has close to 45% going to equity. If you lived in a state that didn't have TX level property taxes, I imagine even more.
I priced it out assuming we'd be in the house for another 5 years from refi, payment was only going to be an extra 300-400/mo and we will have 50-75k more in equity.
I know a lot of people say do 30 year and pay extra towards principle - we aren't that disciplined.
It is insane watching the principal balance on the 15 year versus the 30 year. Day 1 of 15 year each payment has close to 45% going to equity. If you lived in a state that didn't have TX level property taxes, I imagine even more.
I priced it out assuming we'd be in the house for another 5 years from refi, payment was only going to be an extra 300-400/mo and we will have 50-75k more in equity.
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