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So we're getting there! But we have mortgage questions, AGAIN!
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MissJones
I need a nap!
Member since 5/05 22134 total posts
Name:
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So we're getting there! But we have mortgage questions, AGAIN!
We are in the beginning steps of a 1 bedroom co-op endeavor. We can't sublet so it can't be a second home, but plan on staying there for 5 years. There is enough room for a baby/toddler. Once a baby is about 3, we plan on going for a larger place. So now, we are just trying to figure out what kind of mortgage to take out.
What KIND of mortgage did you take out and why?
30 year fixed?
5/1
7/1
10/1
Are you paying principal and interest or interest only for now?
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Posted 7/25/05 11:32 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: So we're getting there! But we have mortgage questions, AGAIN!
personally if you aren't staying in there long term...I think it is foolish to pay the interest for a 30 year fixed...
think hard about a realistic time to be there...add one year and look for that ARM
also our first place was a huge one bedroom...once I got PG - what we thought would be big enough wasn't at all...babies have SO much stuff for such a little person
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| Posted 7/26/05 11:40 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: So we're getting there! But we have mortgage questions, AGAIN!
ARM rates are currently very close to 30 year fixed.
The only time you will really get a decent enough of a discount with ARM is if you go 3/1 or less years.
7/1 will almost give you the same rate as a 30yr fixed. So i would go with the fixed personally.
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| Posted 7/26/05 11:42 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: So we're getting there! But we have mortgage questions, AGAIN!
We took out a 30 year fixed..
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| Posted 7/26/05 11:52 AM |
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sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
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Re: So we're getting there! But we have mortgage questions, AGAIN!
we did the 30 year fixed and stayed in the townhouse only 3 years. i hear the ARMs are going up and the fixed rates will follow.
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| Posted 7/26/05 3:03 PM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: So we're getting there! But we have mortgage questions, AGAIN!
30 fixed and put a little extra towards the principal each month.
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| Posted 7/26/05 3:48 PM |
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