ok before i give -any- advice, be aware of the fact that I'm an idiot and I don't have a pot to piss in.
with that out of the way :) 1) I would always go fixed. I think the peace of mind of knowing exactly what my payments will be for the next 'n' years is worth more than anything that I can get by going variable rate. 2) I would buy the point. A one-time payment up front can reduce the overall payment significantly. On 1/5/06, Jim Davis <[EMAIL PROTECTED]> wrote: > Anybody have any good experience/hints for mortgage shopping? > > We're buying a house at $145,000 and am borrowing the 20% down payment from > my 401k (that loan will be paid back in 10 years via payroll deduction) and > we're looking for a 15 year mortgage. > > Right now we're paying $1000/mo in rent and just over $600 on a different > loan that ends this month. We figure roughly that the 401k loan and the > mortgage and taxes/insurance should come to about the same monthly outlay or > just a bit more. > > The rates we're seeing for 15 year fixed (should we go fixed?) are between > 5.25 and 5.8. It doesn't seem worth it to buy point and lower our down > payment - but am I wrong? > > Thoughts? > > Thanks? > > Jim Davis > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Message: http://www.houseoffusion.com/lists.cfm/link=i:5:190573 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
