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Started By
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Wife and I just locked in our first mortgage....
Posted on 1/27/20 at 9:17 pm
Posted on 1/27/20 at 9:17 pm
3.5% with 10% down on a 30 year loan.
Pretty pumped about this. Would have been happy with anything sub 4%
Pretty pumped about this. Would have been happy with anything sub 4%
13
Posted on 1/27/20 at 9:19 pm to HarveyBanger
I’d take that right now. Hoping for something similar after construction.
Posted on 1/27/20 at 9:40 pm to HarveyBanger
Great job, hard to beat that kind of deal. Congrats. 
Posted on 1/27/20 at 9:47 pm to HarveyBanger
30 years, gross
Posted on 1/27/20 at 10:24 pm to Robertson coach
15 years was a better option.
Posted on 1/27/20 at 10:31 pm to gobuxgo5
Not the right time or place to make such an asinine and bullshite comment. Just be appreciative and congratulate the poster on their first home.
Posted on 1/27/20 at 10:39 pm to gobuxgo5
quote:
15 years was a better option.
Lol no
Posted on 1/27/20 at 11:15 pm to JohnnyKilroy
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
Posted on 1/27/20 at 11:18 pm to HarveyBanger
quote:
3.5% with 10% down on a 30 year loan.
Lender?
I'll be buying soon and hope to lock down similar terms.
Posted on 1/27/20 at 11:18 pm to gobuxgo5
You realize you can likely pay off the 30 in 15
Posted on 1/28/20 at 12:07 am to jimbeam
quote:
You realize you can likely pay off the 30 in 15
So true ... but most people who say they are going to do this ... don’t.
Posted on 1/28/20 at 5:33 am to Paul Allen
Wait, some posters are giving OP shite for a 30 year loan when the interest rate is 3.5%? Some of you should not be posting on the MT
Posted on 1/28/20 at 6:35 am to HarveyBanger
He said first mortgage. Very few people get their first mortgage as a 15 year loan.
Congrats
Congrats
Posted on 1/28/20 at 7:49 am to gobuxgo5
Better off taking the difference in payment each month and throwing it in the stock market
Also, congrats on the new house and solid mortgage rate.
Also, congrats on the new house and solid mortgage rate.
This post was edited on 1/28/20 at 7:50 am
Posted on 1/28/20 at 8:08 am to Paul Allen
I agree with Paul Allen. Congrats on the house man & 3.5 is excellent
Posted on 1/28/20 at 8:14 am to HarveyBanger
Congrats man! We did a refi in October that went from 5.25 to 3.75. Don't pay attention to the posters dogging you out for going 30 years. I did 30 years also, but have an extra $85 bucks drafted with my monthly payment which equals to one extra mortgage payment a year. That will add up quickly. Goal is to have the house paid off in 20 years or so at the most.
Posted on 1/28/20 at 9:28 am to gobuxgo5
quote:
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
Nothing stopping you from paying off a 30 year in 15. But you can't pay off a 15 in 30. All depends on your discipline of course, but the 30 has the benefit of giving you more liquidity and flexibility if you fall on hard times. And as others have said, OP said this is his first mortgage, which may mean he's fresh out of school. Most people in that demographic need the flexibility right out the gate. Everybody's situation is different...just because 15 was right for you doesn't mean it's right for another.
Posted on 1/28/20 at 9:31 am to gobuxgo5
quote:
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
Have you compared to what the investment gains would be if you invested the difference? It will make the interest look small compared to the gains.
Posted on 1/28/20 at 9:40 am to Robertson coach
quote:At 3.5% interest??? That is basically free money. Invest the rest and make money with the bank's money
30 years, gross
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