Question by That’s what who said?: What would be the best loan option?
I am buying a home. I will put down an offer for $ 65, order visit this 000. I make $ 30, visit this site stuff 000 a year and have $ 19, cost 000 saved up towards the home. I have a credit score of 725. I was planning on getting a 15 yr mortgage, and putting 20% down, basically because I want as little debt as possible. Today, I was talking with someone who recommended putting down as little as possible (FHA 3% even) and taking out a 30 year mortgage. He said I could use the money I would have otherwise spent on the 15yr, 20% down mortgage to invest, thus making more money than i will pay extra in interest. While his thinking made sense, I just can’t be comfortable with that much debt. I am familiar with other forms of investing. He also reminded me most 30yr mortgages let you pay more than your principle. It just seems like a better idea to get the best interest rate possible (about 4.7% for a 15yr, as opposed to 5.1% for a 30 yr). With the 20% down I would also avoid mortgage insurance. I know i CAN afford the 15yr, 20% down payment, but should I go this route? Thank you!
Best answer:
Answer by R. Guetive
Go for the 15 year loan. You actually pay less for the home cuz you’re not paying all that interest.
I wonder if lender’s are making some kind of commission on the loan and that’s why they encourage to take out large loans.
Know better? Leave your own answer in the comments!
Some cool condominium images:
Condominiums At Kota Kinabalu
Image by thienzieyung
Nowadays I went up to the 6th floor of Lintas Station to get some views from above. One fascinating view from there these days was the view of a few condominiums situated about Sunny Garden region. In the distance you can see The Peak Condo. On the appropriate is Puteri Damai Condo and on the left (under construction) is Alam Damai Condo. It would be amazing to get the views from these condominiums!
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Dearborn Park High-rise Condominiums
Image by UIC Digital Collections
Title: Dearborn Park High-rise Condominiums
Variant Title: Dearborn Park, try Constructing I
Creator: Gordon & Levin
Description: View of the newly constructed Dearborn Park I high-rise condominium constructing (899 South Plymouth Court), viagra buy one of two high-rise buildings in this complex. A big sign for the development’s sales office is in the foreground of the photograph.
Photograph credit: Brubaker, C. William, 1980
Date: 1980 (Dearborn Park Apartments)
Geographic coverage: Loop (Chicago, Ill.)
Collection: C. William Brubaker Collection (University of Illinois at Chicago)
Repository: University of Illinois at Chicago. Library. [Visual Resources].
Credit Line: Cite as [creator]. [title]. [file name]. [collection].
Rights: University of Illinois at Chicago College of Architecture and the Arts holds reproduction and licensing rights.
File Name: bru010_05_eF
For more images from the collection, pay a visit to collections.carli.illinois.edu/cdm4/index_uic_bru.php?CIS…
Click here to take the Library’s survey on its Flickr collections.
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Five Condominiums In Kota Kinabalu, Malaysia
Image by thienzieyung
Condominiums are coming up quite swiftly in the city of Kota Kinabalu, and a element of them are concentrated in Likas, largely high end ones. I headed to Bersatu Road close to QEH 2 in the morning to photograph them. From the left: Bayshore Condo Phases 1 and two (Phase 3 is the seperate building) The Peak and The Peak Vista. Premium Tower is the 1 under construction although Deluxe Tower is on the extreme appropriate. Premium Tower is genuinely altering the skyline of Likas Bay and I can not wait for it to be completed!
For far more homes click here…
New help for underwater loans [The Bakersfield Californian]
First Mortgage Corp. only does HARP refinancing for loans already on its books, stomach for instance. "Others will do them for anybody, but they'll put additional layers of criteria on the loans that doesn't honor the spirit of the program," said First …
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Another Bad News Day for financial investors
The news that have the Securities and Exchange Commission and the Justice Department’s own investigation of Goldman Sachs should be ended without charging anyone in Fremont Home Loan Trust Investment Deal surprise anyone (NYS GS). Not a bank …
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Fannie Mae Tightens Mortgage standards for some Home buyer
The loans were part of a program that also provides subsidies for low-income individuals or public safety, viagra 100mg education, page military, more about and health professionals. Borrowers without traditional credit will be limited to credit for one-unit homes that they plan …
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Federal Home Loan Bank of Seattle and Utah Housing Corporation Partners …
Our mission at UHC in order to help with the funding, “said UHC President and CEO Grant S. Whitaker.” Although we have access to a variety of financing options, they are often … The Federal Home Loan Banks to commit 10 percent of their annual income …
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I just sent this post to a bunch of my friends – I agree with most of what you’re saying here and the way you’ve presented it is awesome.
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