Posted by: STUPIDA June 27, 2013
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Khairey good point !! not only Interest rate is lower in 15 years, you will be paying interest only for 15 years rather than 30 years. But yes the downside is ur monthly payment will be higher. There are pros and cons for every type and depending on the need of your finanacial and current situations you have to choose the best for you.
Even my mortgage broker suggested me that I only put down 3 % and go for 30 years and invest my money where I can get at least 5-6 % back. But then I decided to do otherwise and did a big down paymnet and did 15 years and my rate were amazing at that time 2.652%.
Becuase I want to be mortagage free first and than think about future investement.
BTW, at least have 6-12 months of backup savings money when you get the house just in case you are out of the job so that you are not behind payments.
Even my mortgage broker suggested me that I only put down 3 % and go for 30 years and invest my money where I can get at least 5-6 % back. But then I decided to do otherwise and did a big down paymnet and did 15 years and my rate were amazing at that time 2.652%.
Becuase I want to be mortagage free first and than think about future investement.
BTW, at least have 6-12 months of backup savings money when you get the house just in case you are out of the job so that you are not behind payments.