Mortgage rates?
Couple of questions. 1. Does anyone think the mortgage reates will step any lower?
If I took out a 15 year loan at 4.62% on a 190 k loan - my payments are around $1750/mo if I do a 30 year loan the interest is at 5.25% but the payments are only $1350/mo gives some room surrounded by case an emergency would come up.
BUT what if I were to pilfer the 30 year at 5.25%($1350/mo)AND paid $1700/mo, an extra $350 in principle a month. Would I come close to the 4.62%. Not exactly sure how to divide that. Any advice would be appreciated!
Answers:
u have a great rate on ur 15 year, payments are high, and if u can afford it move out it alone, u r buiding equity, taking a 30 yr note is going to cost u lots over the additonal 15 years, yes u will not have to rate out 400 amonth but total loan over 15 yrs is 315000 vs 30 yrs is 486000 if u want to spend 171000 for time to save 400 in brass flow a month things should be in a desperate situation, not counting opps closing costs on the new loan., yes it would be great to dispatch an extra 350 a month and everyone says they will do it religiously, but stuff happens and u dont, so if u want to blow 171000 sent it to me lol. dont do it, u will probably not see 4.62% interest again, agree to alone is the house maintaining its value. give attention to twice before u do this not the wisest idea. gl Source(s): 10 years mortgage loan officer
go to any mortgage calculator web site and grasp the ammortization table they offer you. You can see how much extra applied principle will deduct the possession of the loan.
They can't go too much lower.
My personal thought is that you should do the 30-year fixed with NO prepayment penalty (crucial you do that). Then, payment more per month, sending something and mark it "principle only" and you'll be in business.
To see what you can do, shift here:
http://www.bankrate.com/brm/mortgage-cal…
you can enter any figures you want for extras and see what happens. It's a good-looking thing.
Why the longer period? For precisely the object you mentioned: if something happens and you can't do extra, you don't, and there is NO cost.
Related Questions:
Why can't mortgage rates be automatically reset to indistinguishable hot lower rate for every homeowner within the USA?
I imagine there must be a simple answer for why the parliament can't just have bank reset mortgage rates for all homeowners and not just the ones at risk for foreclosure. I of late haven't...
If I took out a 15 year loan at 4.62% on a 190 k loan - my payments are around $1750/mo if I do a 30 year loan the interest is at 5.25% but the payments are only $1350/mo gives some room surrounded by case an emergency would come up.
BUT what if I were to pilfer the 30 year at 5.25%($1350/mo)AND paid $1700/mo, an extra $350 in principle a month. Would I come close to the 4.62%. Not exactly sure how to divide that. Any advice would be appreciated!
Answers:
u have a great rate on ur 15 year, payments are high, and if u can afford it move out it alone, u r buiding equity, taking a 30 yr note is going to cost u lots over the additonal 15 years, yes u will not have to rate out 400 amonth but total loan over 15 yrs is 315000 vs 30 yrs is 486000 if u want to spend 171000 for time to save 400 in brass flow a month things should be in a desperate situation, not counting opps closing costs on the new loan., yes it would be great to dispatch an extra 350 a month and everyone says they will do it religiously, but stuff happens and u dont, so if u want to blow 171000 sent it to me lol. dont do it, u will probably not see 4.62% interest again, agree to alone is the house maintaining its value. give attention to twice before u do this not the wisest idea. gl Source(s): 10 years mortgage loan officer
go to any mortgage calculator web site and grasp the ammortization table they offer you. You can see how much extra applied principle will deduct the possession of the loan.
They can't go too much lower.
My personal thought is that you should do the 30-year fixed with NO prepayment penalty (crucial you do that). Then, payment more per month, sending something and mark it "principle only" and you'll be in business.
To see what you can do, shift here:
http://www.bankrate.com/brm/mortgage-cal…
you can enter any figures you want for extras and see what happens. It's a good-looking thing.
Why the longer period? For precisely the object you mentioned: if something happens and you can't do extra, you don't, and there is NO cost.
Related Questions:
Why can't mortgage rates be automatically reset to indistinguishable hot lower rate for every homeowner within the USA?
I imagine there must be a simple answer for why the parliament can't just have bank reset mortgage rates for all homeowners and not just the ones at risk for foreclosure. I of late haven't...