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re: Current Mortgage Rates
Posted on 5/29/20 at 12:44 pm to shel311
Posted on 5/29/20 at 12:44 pm to shel311
quote:
Also, the people around me I generally trust keep telling me a 30 year is better but not really giving reasons why. Seems like I could refi for 15 with just $300-400 more on my monthly, so i'm not sure the benefits of going 30 and just paying extra when that extra interest expense is still being incurred.
Benefit of the 30 year for most is it keeps your cash free to use elsewhere. 3% is a remarkably low interest rate. If you are disciplined enough to use the extra $ to invest elsewhere, you have a potential to make a higher return. It also helps you if you're ever in a future cash crunch and struggling to make the higher payments.
1
Posted on 5/29/20 at 12:50 pm to lsujro
quote:Ah, reinvesting the difference, that does make sense. Thanks!
Benefit of the 30 year for most is it keeps your cash free to use elsewhere. 3% is a remarkably low interest rate. If you are disciplined enough to use the extra $ to invest elsewhere, you have a potential to make a higher return. It also helps you if you're ever in a future cash crunch and struggling to make the higher payments.
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