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ARSEN

Mortgage: Fixed 30 years interest rates

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I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

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You have an historically great rate. Don't worry, be happy. Congrats on the wedding!

Thank you sir.

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Oh I know... I will pay around 200k in interest over 30 years... So the question is... Should I lock my rate? Whatcha guys think? My close date is Oct 26th.

Yes, lock the rate if you can get below 3.5.

Ask for a 1 time free float down, or at least tell them that another company is offering you one for free.

You can lock at todays price, and if it drops between now and your close date you can change it then for free.

Not all banks will do this but many will.

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Will do. Thanks.

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I cannot do 15 years. I got a wedding coming up and I'm first time home buyer.

Is it that you can't or won't? What is the real difference in payments?

If you're locked in to a 30 year, you're almost better off renting.

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Can't. I got a really good deal on a house, I can actually resell it for $50k more in 1-2 years.

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Is it that you can't or won't? What is the real difference in payments?

If you're locked in to a 30 year, you're almost better off renting.

The difference between a 30-year and 15-year mortgage rate isn't much these days. (0.5%-ish?)

That translates to 30-40 dollars extra on each payment per $100,000 of mortgage to pay a 30-year mortgage off in 15 years versus paying off a 15 year mortgage off on-schedule.

the insurance against losing your job is worth it to me to go with a 30-year over a 15-year.

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What's the insurance against loosing ur job u talking about?

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What's the insurance against loosing ur job u talking about?

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What's the insurance against loosing ur job u talking about?

He is just saying that if push came to shove he could go back to original lower payment of the 30 year if he were to have a bad month, or lose his job.

Otherwise he would pay extra toward the principle every month and make it act like a 15 year.

Funny thing is though, less than 5% of the country consistently pays more that the mortgage payment.

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Is it that you can't or won't? What is the real difference in payments?

If you're locked in to a 30 year, you're almost better off renting.

Disagree, the tax benefits and very low mortgage rates offset that by at least a few hundred dollars per month.

I am not talking house vs. apt, but house vs. equal house on rental market.

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He is just saying that if push came to shove he could go back to original lower payment of the 30 year if he were to have a bad month, or lose his job.

Otherwise he would pay extra toward the principle every month and make it act like a 15 year.

Funny thing is though, less than 5% of the country consistently pays more that the mortgage payment.

I used to be one of the 5%.

Then I had another kid. :(

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