If this is going to be your dream house and live in it for the rest of your life... get fixed payments and buy a point, or two.
-----Original Message----- From: Jim Davis [mailto:[EMAIL PROTECTED] Sent: Thursday, January 05, 2006 9:54 AM To: CF-Community Subject: Mortgage Suggestions? 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:5:190574 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=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
