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Great, I just went and got myself in serious debt.

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Congrats. I highly recommend paying more than you have to per month if you can, there's more to it than just looking at percentages, unless you actually have 100+ grand to invest you're going to pay more in interest even if it's lower than an investment. If your bank shows those details, check out how much of it goes to interest vs principal, it's a pretty big amount, like more than half. Extra payments go right on the principal.
 
Not looking into a purchase for three years. Transitioning aggressive investments now into bond funds so I can put 20% down on a 15 year.

Also, congrats op
 
Drako said:
Should have done a 15 year. :colbert:
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Depends on the deal. In the UK there is a lifetime tracker deal that lets you overpay as much as you want from the start. Something like that makes it worthwhile having the longest term possible as that makes your minimum repayment lower while still enabling you to pay off in shorter period without having paying a penalty.
 
SSSnail said:
I don't know, my loan officer told me that's the best she could do for 30 years fixed. That bitch!

What do you think it should be?
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How many loan officers did you check with? I refied a few months ago at 3 and a buddy of mine just scored a 2.6 2 weeks ago.

Maybe it is the amount? Just seems high for these "historically low" rate times.
 
Timorous said:
Depends on the deal. In the UK there is a lifetime tracker deal that lets you overpay as much as you want from the start. Something like that makes it worthwhile having the longest term possible as that makes your minimum repayment lower while still enabling you to pay off in shorter period without having paying a penalty.
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That is exactly how we handled our house payments. Of course when I bought the rates were a lot higher (8.75% for a 30 year). We did a 30 year mortgage to have a lower monthly payment in case one of us lost our job, but we paid extra every time. In the end we paid off the whole thing in just over 15 years. Making those extra payments early is a key.
 
I had 2.75% some years back but now with slightly higher rates, I landed a 3.125% this past month. Both 15yr though, no points.
 
TwiceOver said:
How many loan officers did you check with? I refied a few months ago at 3 and a buddy of mine just scored a 2.6 2 weeks ago.

Maybe it is the amount? Just seems high for these "historically low" rate times.
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Refi has different rates. It's not easy getting 3.25% for 30 years fixed with no points. Why don't you try.

I can certainly get 2.something with 15 years, but we're not taking about 15 years.
 
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I went with a 2.5% 5/1 ARM with Penfed knowing that I would never have to deal with the adjusted rate. Couldn't pass up the deal cause Penfed paid for most of the closing costs.
 
Went with a 30 year and pay extra principal each month. Will take me 15 years to pay it off and I have the flexibility to stop the additional payments if necessary.
Only 14 more years to go...
oh and am at 3.75% (May 2015)
 
Uppsala9496 said:
Went with a 30 year and pay extra principal each month. Will take me 15 years to pay it off and I have the flexibility to stop the additional payments if necessary.
Only 14 more years to go...
oh and am at 3.75% (May 2015)
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Yeah that's pretty much what I did, 25 year in my case though. Figured at least if something comes up I can reduce payments, or if I need to not pay for a while (I don't even know if you can do that) then I won't fall too behind.
 
Imagine 1.2 million in quake prone San Fran.

You'll be just fine.

Just think, the interest times the principle is how much you lose every year you own the home as you pay it off!
 
I agree with the others that said 30 years is good, that's what I did a few years back. You can always pay extra if you have it but if something bad where to happen you still have a smaller payment to worry about having to make.
 
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