The "Looking to become a homeowner" Thread

[Drachen596]

Fwiw i feel like their estimators are really low. They show in the 300 range for payments.

my banks shows 400 to 500 on a 30 year with just over 10% down.

is there any harm to takin a 30 year and just making bigger payments vs a 15 year?

[Kchrpm]

You can get offered a lower interest rate on a 15-year loan than a 30-year loan.

[TheBenior]

is there any harm to takin a 30 year and just making bigger payments vs a 15 year?

Apart from higher interest rates, not really. I pay an extra few hundred a month on my mortgage.

[Tom Servo]

It smells very bad when people use hot tar in your house.

[Random]

Fwiw i feel like their estimators are really low. They show in the 300 range for payments.

my banks shows 400 to 500 on a 30 year with just over 10% down.

is there any harm to takin a 30 year and just making bigger payments vs a 15 year?

Monthly payments on a 30-yr fixed should be lower than on a 15-yr fixed, but you make more of them and end up spending more money in total (assuming you stay in the house, etc etc). That's the big trade off. Lower payments (but more of them) vs. lower interest rate and higher payments.

For example, if we refinanced our house at the moment, bankrate.com thinks we'd get 3.375% for a 30-yr fixed and 2.625% for a 15-yr fixed. On a loan of $250k, payments about $600 less for the 30-yr, but we would spend almost 3x in interest over the life of the loan vs. the 15-yr.

edit: shit, I hadn't realized that rates had gotten so low again. May need to re-fi...

[21Kid]

Fwiw i feel like their estimators are really low. They show in the 300 range for payments.

my banks shows 400 to 500 on a 30 year with just over 10% down.

is there any harm to takin a 30 year and just making bigger payments vs a 15 year?

Most of them default to 20% down. Make sure all of the variables are accounted for. Interest rate, down payment, taxes, insurance.

I'd personally take the security of the lower payment on a 30yr and just pay more each month. You don't have to make it a certain amount. Anything extra used towards the principal helps bring down the total in the end. The earlier you can throw some extra $$$ at it, the more you'll save in the end because of compounding interest.

[Yeti]

I'm starting to take the actual houses less and less into consideration while looking.

Now I'm more interested in having enough land to build a garage.

I should just buy a few acres and park a doublewide on it. And then build a fancy garage

[21Kid]

Just live in the garage.

[Random]

Zoning is occasionally an issue for converted warehouse space. Plus figuring out how to condition the living space...house within a house?

But other than that, I'm a fan.

[Kchrpm]

...Switch that Camaro for a Grand Sport and I am totally fucking in.