Sound advice. I highly recommend shopping and comparing Good Faith Estimates. If I was not in the business and was shopping and I'd contact my current mortgage holder, contact any referrals, and finally do an on-line check. I'd ask what the lender fees are and if they can be guaranteed and if I went with a company I was not familiar I'd do some homework on them. You will usually get a considerably WORSE offer if you attempt to go thru a major bank but people often feel safer doing that.Rates are dropping today. Rates had been priced for several weeks for a Fed rate drop but this drop was more than anticipated and rates are lowering as a result. Approaching historic lows in fact. I posted a link to my rates on here last week and my intent was not to market on here but to let people know what kind of rates they can expect if they shop. I do a lot of on-line advertising on various major financial website and on line editions of major papers and have for a few years. I've studied my competition and there is one company who I usually beat by a little(but not all the time) whose web site I think is the best for shopping rates. Better than my website for sure. I know if I was a consumer I'd like their web site because you don't have to speak with anyone to obtain a rate quote. Here is the link: http://www.aimloan.com/. I'd encourage anyone who is shopping to view their rates. Let me stress this is my competitor but I just wanted to help people out. I don't know anyone has gotten a loan with this company and have no idea if the rate they post is accurate or if they try to add in fees. I researched them once myself and they have been in business awhile.
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Mortgage Rates (5 Viewers)
- Thread starter MechEng
- Start date
Maroney=Speed
Footballguy
Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
Abraham
Footballguy
Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
CYP
Champion Truth Teller
Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in TexasETA: Nevemind, it was a FF problem.
CYP
Champion Truth Teller
Same reason i cant find NJ, they dont service the states
CrossEyed
Footballguy
I locked in last week at 5.625%. I don't think it would be worth it to try to make a change at this point. Kinda wish I'd have waited, but that's still a pretty darn good rate.Sometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
Maroney=Speed
Footballguy
PMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
Who was your mortgage broker? Bill Clueless?
CYP
Champion Truth Teller
Didnt have much of a choice with my credit and 100% financingPMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in TexasETA: Nevemind, it was a FF problem.
Who was your mortgage broker? Bill Clueless?
CYP
Champion Truth Teller
Yup, this was pretty much the scenario I was in. I really didnt have a choice. If you know anyone in NJ that may be able to help me out of this situation feel free to PM me. Right now Im waiting until Sept to go FHA, cant do it yet because I cant take cash out to cover closing because im not seasoned enough in my loan yet.Most likely going to have to take on a 2nd job to cover my PMI costs as its getting tighter and tighterI was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
CrossEyed
Footballguy
Me too. My first house I had to pay PMI. Just wasn't in a position to avoid it.
PIK95
Footballguy
Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
CYP
Champion Truth Teller
Oh and on this guy chiding me, its no big deal really. He was chided pretty good in a thread he started earlier today by a bunch of people so Im sure he was just trying to have a good time with it. I really didnt take any offense.
Maroney=Speed
Footballguy
Why because I made a joke about a mortgage broker having no clue, and your a broker.Help my man out, and don't take it personal. Isn't that why we post?I think I have helped at least one person out just today alone.CYP made a comment about me in a early post, just kidding with Him back.Remember if you don't know the whole story than you can only see it thru the eyes of one personwhen in fact that is not the whole story.Again, Your saying if you have bad credit your stuck paying PMI?Question can CPY(not to pick on you) do a line of credit.So 10% down 80% first mortgage and 10% second or line of credit?Thanks inadvance.I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
CYP
Champion Truth Teller
I didnt take any offense at allWhy because I made a joke about a mortgage broker having no clue, and your a broker.Help my man out, and don't take it personal. Isn't that why we post?I think I have helped at least one person out just today alone.CYP made a comment about me in a early post, just kidding with Him back.Remember if you don't know the whole story than you can only see it thru the eyes of one personwhen in fact that is not the whole story.Again, Your saying if you have bad credit your stuck paying PMI?Question can CPY(not to pick on you) do a line of credit.So 10% down 80% first mortgage and 10% second or line of credit?Thanks inadvance.I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMIMan I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
Maroney=Speed
Footballguy
PIK95
Footballguy
I agree 100%, just thought maybe I was missing something.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
Sabertooth
Footballguy
Looking to refi myself. I will head down there later and post my quote. This is through State Farm Insurance Agency in Michigan. Apparently they offer banking now. I went in to go over my insurance policies and found this out. So I am jumping through the hoops and they appear to have a pretty competitive rate.
Going through Countrywide currently, would it behoove me to call them when I get a final quote from State Farm? If I do call them, what do I say? How do I really know which is the better deal what with all the "Fees" and what not?
What questions should I be asking of both?
Going through Countrywide currently, would it behoove me to call them when I get a final quote from State Farm? If I do call them, what do I say? How do I really know which is the better deal what with all the "Fees" and what not?
What questions should I be asking of both?
CYP
Champion Truth Teller
I know for FHA at least you have to be seasoned in the loan for 12 months if you want cash back. I dont know about others
CYP
Champion Truth Teller
Im pretty sure in my current situation I am just going to have to wait it out until Sept/OctThanks my friend.
Maroney=Speed
Footballguy
15 Year Interest only is less than doing 30 year fix, we all need to know that.That being said the answer is you need to get your mortgage payment down.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
So 15 year interest only is the way to go. With a line of credit.
This is Million dollar advice.
CrossEyed
Footballguy
There's not necessarily a waiting period if you are just looking to get a better rate. We bought our house in June and we're closing on our refinance on Friday. Saving $115/month.
Sabertooth
Footballguy
If you are going interest only though, how do they compute the payments? I don't get it. You aren't paying any principle down so how is it more beneficial to get a higher rate?I agree 100%, just thought maybe I was missing something.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place? :whoosh:Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
I had no problem with you making a joke about a mortgage broker(BTW I'm a mortgage banker not broker). I just know that the reason people usually don't get seconds is they don't know that's the best option for them or they can't get qualified and either way I did not feel the need to chide someone for having PMI. Sorry for not knowing the banter between you two and jumping on you.To answer your question you are pretty much stuck paying PMI if you have bad credit. Before the mortgage crash if you had bad credit you could obtain some very high second mortgage rates but the rate was so high it was actually worse than having PMI. Now, the market for second mortgages has dried up even more and even high rates for bad credit borrowers is gone. The main reason is when you have two mortgages if you default on the second mortgage but pay the first they can't really foreclose. If the customer defaults on both mortgages and is foreclosed upon the first mortgage lien holder is protected first which means the second mortgage lender is often shut out, especially with declining values. Due to this the market for seconds requires good credit.Why because I made a joke about a mortgage broker having no clue, and your a broker.Help my man out, and don't take it personal. Isn't that why we post?I think I have helped at least one person out just today alone.CYP made a comment about me in a early post, just kidding with Him back.Remember if you don't know the whole story than you can only see it thru the eyes of one personwhen in fact that is not the whole story.Again, Your saying if you have bad credit your stuck paying PMI?Question can CPY(not to pick on you) do a line of credit.So 10% down 80% first mortgage and 10% second or line of credit?Thanks inadvance.I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMI :whoosh: Who was your mortgage broker? Bill Clueless?Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
CrossEyed
Footballguy
Just ask for their rate and the exact closing costs. They should be able to e-mail you an estimate sheet.
RedRaiders
Mr. +EV
5.250 today at WB for the 30 year.
Sabertooth
Footballguy
No points?
CYP
Champion Truth Teller
Yup, this is my situation. We have two options. #1. Wait it out til Sept/Oct refi into FHA Poof PMI goes away. Option #2. We bought the house for 195,000 it appraised for 215,000. I have another 20k in value to make PMI go away. I think Im nearly there with the improvements we have already done and the improvments we plan on doing with our tax refund. If I can get the value up to 235k then the PMI also goes away.I had no problem with you making a joke about a mortgage broker(BTW I'm a mortgage banker not broker). I just know that the reason people usually don't get seconds is they don't know that's the best option for them or they can't get qualified and either way I did not feel the need to chide someone for having PMI. Sorry for not knowing the banter between you two and jumping on you.To answer your question you are pretty much stuck paying PMI if you have bad credit. Before the mortgage crash if you had bad credit you could obtain some very high second mortgage rates but the rate was so high it was actually worse than having PMI. Now, the market for second mortgages has dried up even more and even high rates for bad credit borrowers is gone. The main reason is when you have two mortgages if you default on the second mortgage but pay the first they can't really foreclose. If the customer defaults on both mortgages and is foreclosed upon the first mortgage lien holder is protected first which means the second mortgage lender is often shut out, especially with declining values. Due to this the market for seconds requires good credit.Why because I made a joke about a mortgage broker having no clue, and your a broker.Help my man out, and don't take it personal. Isn't that why we post?I think I have helped at least one person out just today alone.CYP made a comment about me in a early post, just kidding with Him back.Remember if you don't know the whole story than you can only see it thru the eyes of one personwhen in fact that is not the whole story.Again, Your saying if you have bad credit your stuck paying PMI?Question can CPY(not to pick on you) do a line of credit.So 10% down 80% first mortgage and 10% second or line of credit?Thanks inadvance.I was going to respond to this but you already have. Second mortgages are more difficult to get approved for than high loan to value firsts and a lot of people don't have a choice but to do the loan as one loan and pay PMI. I actually think your chiding him about having PMI is out of line.Didnt have much of a choice with my credit and 100% financingPMI :whoosh: Who was your mortgage broker? Bill Clueless?Man I wish my credit was better right now. I would really like to refinance my house and get out of my PMISometimes when you go through the process it won't post a rate with them and says unavailable. Usually happens when rates are changing or investors are continuing to post.BTW- Your loan can now be down at 5.25% 30 year fixed on a 30 day lock with no points if done as full income documentation.Aimloan's thing won't load the counties in Texas
Interest only loans are not quite as attractive as they used to be. I was a big fan of them when the rates for them ran about the same as a fully amortizing loan but I don't like them so much when the rates are higher. The benefit of an interest only loan is twofold. Lower payments and it allows for a re-amortization of your payment. For example on a standard amortizing loan if you pay down on the principle it will lower your principal of course but not change your payment. With an interest only loan you can lower your principle at any time and your loan payment will actually re-amortize.If you are going interest only though, how do they compute the payments? I don't get it. You aren't paying any principle down so how is it more beneficial to get a higher rate?I agree 100%, just thought maybe I was missing something.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place? :whoosh:Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
RoarinSonoran
Footballguy
Requesting info on timing things.
We're planning an out-of-state move in June (to MN). When, typically, should we begin house-hunting (in earnest, we're currently just looking casually), mortgage-hunting (including locking in a rate), etc? TIA
We're planning an out-of-state move in June (to MN). When, typically, should we begin house-hunting (in earnest, we're currently just looking casually), mortgage-hunting (including locking in a rate), etc? TIA
RedRaiders
Mr. +EV
None.
dickey moe
Fingerpicker
Please expand on this.
We are not licensed in every state which is why I don't service them all. I don't utilize most of the states I can do business in because it's kind of a beating being all over the map in different states dealing with the different laws in each state. For that reason I decided to focus on just 4 states and the only time I do a loan out of one of those 4 states(CA, TX, FL, GA) is if someone contacts me on a referral.
dickey moe
Fingerpicker
But you aren't building equity in the meantime -- how are you supposed to move up to another house in a declining or stagnant housing market?15 Year Interest only is less than doing 30 year fix, we all need to know that.That being said the answer is you need to get your mortgage payment down.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
So 15 year interest only is the way to go. With a line of credit.
This is Million dollar advice.
redman
Footballguy
I'm going to be demanding that my broker rework my loan terms for the second time inside of a week.
I'll report back with my results. Bring The Stink
Footballguy
OC Zed
Footballguy
This exactly what your broker should be doing for you right now.I'm going to be demanding that my broker rework my loan terms for the second time inside of a week.
OC Zed
Footballguy
But you aren't building equity in the meantime -- how are you supposed to move up to another house in a declining or stagnant housing market?15 Year Interest only is less than doing 30 year fix, we all need to know that.That being said the answer is you need to get your mortgage payment down.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
So 15 year interest only is the way to go. With a line of credit.
This is Million dollar advice.
And the broader issue is that a home should be for shelter first and an investment second.Depends on a wide variety of factors such as credit score, loan amount versus value of the house and how much cash is taken out. I'd expect something in the mid 6's. Rates for Jumbo loans are not hot right now and if your anticipate doing a loan amount under $700,000 I'd examine holding the first mortgage at $417,000 and following up with a second. I know I priced a customer yesterday who was putting wanted a $600,000 loan and we discovered his blended rate and payments were a good deal less by breaking the loan into two.
PIK95
Footballguy
If you have a shelter and an investment, what comes next?But you aren't building equity in the meantime -- how are you supposed to move up to another house in a declining or stagnant housing market?15 Year Interest only is less than doing 30 year fix, we all need to know that.That being said the answer is you need to get your mortgage payment down.Nothing wrong with doing 30 on a rental. There is nothing magic about this decision. Just ask yourself if the lower rate you get on a 15 year note is worth the higher payment to you- most people say no and go for a 30 but if you feel comfortable with a 15 year payment and feel secure in your job you will save a lot of money by going for 15 years.Do you mean you should go 15 year for a rental? I was going to do a 15 probably anyway but why is it bad to do 30 on a rental?Good move.I have had problems with people paying on time and paying at all.I am going to go with the 30yr to free up a little cash to prepare for buying another house later in the year. Now if people would just pay rent on time.....Yep, why change now? Go all in I say.So I guess go with the 30 year fix and save(put) your money in a bank.Isn't this what screwed a lot of people in the first place?Back to topic.
This is now a great time to lock in.
I would do 15 year Interest only.
Use the extra money to buy: Stocks,Mutual Funds or invest in something more than a CD.
Good Luck.
See where that gets you in 30 years.
Good Luck, because you will need it.
But in the long run it's worth it.
For rental, you have to go 15 year interest only.
Good luck.
So 15 year interest only is the way to go. With a line of credit.
This is Million dollar advice.
Dragons
Delusions of Grandeur
Not that I'm advocating his advice, or even advocating responding to his trolling, but to answer your general question:By investing the savings.
