Mortgage guidelines for YOU

[dawnwes]

We actually currently have a 2.67% rate on a 15 year fixed.

I have no idea what the rates will be like in 8 months when we are actually putting the house on the market. Right now they are hovering around 3%.

Honestly, I wish we had kept our first house! We paid $140K for a 1500 sq. ft. home in the foothills in Southern California in the year 1999. We both were working and could have easily had it paid off and even remodeled or added on to by now. It was a great house (well, other than the mountain lions and such that seemed to venture in to the yard).

Hindsight and all that......

Dawn

Exactly. That is what the 30 year has done for us. Just to be clear that we are not paying it down like a 15-year.

In a perfect world I'd love to have kept the 15 year loan (we'd almost be done with our mortgage!). But the economy has been pretty brutal and I am happy to have a modest house payment and to have other investments besides just a house.

Today's interest rates are an entirely different story. If we could have gotten a 15-year at 3% then maybe 15-years would have been the right choice. But unfortunately we weren't so lucky to have that option.