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Mortgage: Fixed 30 years interest rates


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#11 ARSEN

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Posted 26 September 2012 - 08:27 PM

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.

#12 pstall

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Posted 26 September 2012 - 09:20 PM

i don't think we ever go below 3% just for psychological
reasons. so yes. lock it in.

#13 NanuqoftheNorth

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Posted 26 September 2012 - 10:07 PM

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!

#14 ARSEN

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Posted 26 September 2012 - 10:14 PM

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



Thank you sir.

#15 thefuzz

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Posted 27 September 2012 - 10:29 AM

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.

#16 ARSEN

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Posted 27 September 2012 - 10:59 AM

Will do. Thanks.

#17 Cyberjag

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Posted 27 September 2012 - 11:29 AM

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.

#18 ARSEN

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Posted 27 September 2012 - 11:38 AM

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

#19 Jase

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Posted 27 September 2012 - 11:47 AM

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.

#20 ARSEN

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Posted 27 September 2012 - 11:52 AM

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


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