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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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<blockquote data-quote="BreBar21" data-source="post: 4669667" data-attributes="member: 8093"><p>First off, **** all of you for being able to buy a home for under $100k - you're lucky as shit to find anything nice under $250k here. </p><p></p><p>Second, skip the 15 year mortgage because this is your first house. The average holding period for a home is 7 years. The likelihood that you hold to maturity is very slim. Think about it like this, the same house that suits you at 23, probably isn't the same house you need at 38 with a wife and kids. Also, do you have the money for the downpayment?? If not and you aren't using a Government backed loan, you are going to have to pay PMI (Private Mortgage Insurance). Be sure to add up ALL the potential costs before you dive into a larger payment.</p><p></p><p>Go with the 30 year loan and make an extra payment once a year or every six months if you'd like.</p></blockquote><p></p>
[QUOTE="BreBar21, post: 4669667, member: 8093"] First off, **** all of you for being able to buy a home for under $100k - you're lucky as shit to find anything nice under $250k here. Second, skip the 15 year mortgage because this is your first house. The average holding period for a home is 7 years. The likelihood that you hold to maturity is very slim. Think about it like this, the same house that suits you at 23, probably isn't the same house you need at 38 with a wife and kids. Also, do you have the money for the downpayment?? If not and you aren't using a Government backed loan, you are going to have to pay PMI (Private Mortgage Insurance). Be sure to add up ALL the potential costs before you dive into a larger payment. Go with the 30 year loan and make an extra payment once a year or every six months if you'd like. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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