Loc: United States
LIke the article seems to imply, those with the adjustable mortgages will be more than a little shocked when their payments shoot through the roof with the rates...<br><br>The only way my payment goes up is if the property taxes do. <br><br>Back in Black...
Best of luck, LV must be a tough market to buy into. I strongly suggest to do the math with your property taxes include in the mortgage, it makes it so much easier to spread it out over the whole year. <br><br>And once you've moved in, let's start a "Remodel From Hell" thread. (or, "Why is my contractor drunk and at the casino again?" thread)<br><br>
Loc: Syracuse, NY
15 year fixed at 4.625%. Although we have been in the same house since 1987, this is our fourth mortgage on the place. And we just took out a sweet HELOC to build a garage and remodel a bathroom. That has a rate that is prime -1%, with a ten year term.<br><br>Unless you are aabsolutely certain that you will be out of a house with an interest only or variable rate loan in a few years, I would avoid them. Fixed rates are low enough to make them a better bet. <br><br>
We just paid ours off 2 years ago! <br><br>I'm saving for a massive remodeling project. I'm enclosing the patio so I can have a real office again, adding a deck to replace the patio and adding an upstairs room above the garage. It's a huge undertaking but we plan on being here until we retire in 25 years or so.<br><br>No credit card debt either! We have two car payments and that's it. They'll be paid off in 2 years. Man I'm looking forward to that!<br><br>
I have a variable rate mortgage at 3.5% (bank prime - .75%) and the ability to lock into a 5 year fixed at their posted rate minus 1% at any time.<br><br>What is an interest-only mortgage loan? Is that where you only *have* to pay the interest and whatever part of the principle you want? If so, I'd stay far away from that unless you have a plan and will power to pay off more of the principle than you normally would. That sounds like the bank is trying to prolong the mortgage for when the rates go up, where they'll really stick it to you.<br><br>
30 year fixed at 11%, you can always re-fi if it drops 2%<br><br>Be-careful about VRs - If you do go that route make sure you can handle 2% possible hike. The rates are based on what Greenspans thinks and that can be scary. Lots of first time buyers go that route because the loan is easy to get but many default when rates grow real fast like in the 80s<br><br>Good luck<br><br>
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