I'd go with fixed, and no points. I'd also ask around locally (meaning where you're buying) to see if anyone can recommend a good local bank that does mortgages. For my first loan, I went with WHEDA. But, when I refinanced, I found a little out-of-the-way small town bank that never sells their loans, doesn't require escrowing for taxes, and beat everyone else on fees and closing costs by a lot.
Kevin will tell you that whatever you do, set up your payments to be every two weeks, as you'll end up with more going towards principal and paying down the loan faster. So, this isn't the dream house you originally posted, so what house is it? Details! Details! 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:5:190583 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
