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Started By
Message
20 or 30 year mortgage
Posted on 4/12/17 at 2:23 pm
Posted on 4/12/17 at 2:23 pm
(no message)
This post was edited on 4/26/17 at 11:54 am
4
Posted on 4/12/17 at 2:32 pm to atom1505
Take the 30 year, but pay the amount equal to a 20 year (or whatever desired timeframe). shite ever hits the fan and you end up needing extra cash you can back off and just pay the 30 year installment amount.
Posted on 4/12/17 at 2:37 pm to StealthCalais11
That's my attitude as of now. I was just wondering if I was overlooking some other benefit of the 20 year.
Posted on 4/12/17 at 2:41 pm to atom1505
quote:
That's my attitude as of now. I was just wondering if I was overlooking some other benefit of the 20 year.
saves you a lot of money.
How long are you going to live in the house? What is the local real estate market like?
If the local market is better than just ok and you aren't going to be there for more than 10 years, I would go with the 30 year.
If the market isn't so great, or you are going to stay for a long time, I would go with the 20 year.
It would be useful to know what % of your income the 20 vs. 30 year payment takes.
Posted on 4/12/17 at 2:45 pm to Hawkeye95
(no message)
This post was edited on 4/26/17 at 11:54 am
Posted on 4/12/17 at 2:47 pm to atom1505
Do a 15 over a 20 if you can. If not, do a 30 year and pay extra. Rates are the pretty much the same on a 20 & 30.
If you know you aren't staying for more than 5 years maybe consider an ARM.
If you know you aren't staying for more than 5 years maybe consider an ARM.
This post was edited on 4/12/17 at 2:49 pm
Posted on 4/12/17 at 2:48 pm to atom1505
Posted on 4/12/17 at 2:52 pm to Sacrifice_blunts
quote:
If you know you aren't staying for more than 5 years maybe consider an ARM.
ARM gives me pause just because of the current state of the market. If it were 3 years ago, I'd think differently.
Posted on 4/12/17 at 3:18 pm to atom1505
I dont think you can go wrong here.
Posted on 4/12/17 at 3:20 pm to Hawkeye95
As of now, I think I'm going to go with the 30.
I do plan on getting some numbers for a 7/1 ARM tomorrow, so I'll post whenever I get those. Like I said, I doubt we're in the house for more than 7 years, but life happens. Depending on the interest caps, I may consider it.
I do plan on getting some numbers for a 7/1 ARM tomorrow, so I'll post whenever I get those. Like I said, I doubt we're in the house for more than 7 years, but life happens. Depending on the interest caps, I may consider it.
Posted on 4/12/17 at 3:25 pm to atom1505
I wouldn't touch an ARM right now, rates are going up. and its not like you need to use it to get in this house.
Posted on 4/12/17 at 3:29 pm to Hawkeye95
quote:
I wouldn't touch an ARM right now
Just wanted to add that I totally agree.
This post was edited on 4/13/17 at 11:45 am
Posted on 4/12/17 at 3:33 pm to Hawkeye95
I agree. Can't hurt to look at some numbers though.
Posted on 4/12/17 at 4:30 pm to atom1505
Good on you for thinking this through instead of going with the kneejerk "I hate debt, Dave Ramsey told me so!" but the rate spread here is somewhat small.
I'd set up an amortization table and figure out the difference in NPV is for both. Be sure to include guesstimates of any investment returns, inflation, and the interest tax deduction if you qualify. Also don't forget investment returns from after year 20.
I'd set up an amortization table and figure out the difference in NPV is for both. Be sure to include guesstimates of any investment returns, inflation, and the interest tax deduction if you qualify. Also don't forget investment returns from after year 20.
Posted on 4/13/17 at 8:54 am to foshizzle
How would y'all's advice change if I were to hold onto this house at the time I would've otherwise sold it and rent it? Rents in this neighborhood are pretty high margin, so that's something that's on my radar at the moment.
Posted on 4/13/17 at 9:20 am to atom1505
I just got a 30 yr at 3.875%.
Posted on 4/13/17 at 11:25 am to btnetigers
quote:
I just got a 30 yr at 3.875%
With whom?
Posted on 4/13/17 at 11:26 am to Hawkeye95
quote:
I wouldn't touch an ARM right now, rates are going up
If the first five years are locked, then it fits the OP's needs just great. The only problem is if the plan changes and he decides to hold onto the property.
Posted on 4/13/17 at 12:22 pm to Oenophile Brah
quote:
With whom?
GMFS
Posted on 4/17/17 at 9:12 am to Hawkeye95
(no message)
This post was edited on 4/26/17 at 11:54 am
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