Home mortgage lender/ *************s

[1stTimeCaller]

Do you recommend a 30 or 15 year mortgage?

I was looking (on ebby.com) and it doesn't raise the monthly payment by much to do it in half the time.

Also, what are the differences in rates right now between 15 and 30 year notes in the DFW area?

And WTF is a 'Jumbo'?

Thanks.

[etouffee]

if you do it in half the time, you'll pay a lot less interest over the life of the loan, so if you can afford to do that, do it.

[etouffee]

A Jumbo Mortgage is a mortgage with a loan amount above conventional loan limits. Jumbo Mortgages apply when agency (FNMA and FHLMC) limits don't cover the full loan amount. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of residential mortgages in the U.S. They set a limit on the maximum dollar value of any mortgage which they will purchase from an individual lender. Currently, this limit is $417,000. This leaves a portion of the market to look elsewhere for placement. Other large investors, such as insurance companies and banks, step in to fill the need with maximum mortgage amounts going to the $1 million or $2 million range. The average interest rates are typically greater than normal for conforming mortgages, and vary depending on property types and mortgage amount.don't do that.

[colleyvillesooner]

Get a house with all hardwood floors.

Just sayin'.

[etouffee]

Get a house with all hardwood floors.

Just sayin'.
I must agree. We built ours 5 years ago and got part wood, part berber, and i'm kicking myself for that. carpet sux. especially if you have small kids.

[1stTimeCaller]

don't do that.

I was just curious. No way that I can afford anything near $417,000.

I'm looking for a fixer upper dump in the FW area for under $90k.

[etouffee]

under 90K? that's more like a "falling downer" than a "fixer upper", isn't it?

[Jimminy Crimson]

Go with a 30 year, but pay it in 15. Or less.

[Oldnslo]

What Jiminy said.

[etouffee]

if you have the discipline to do that, it's a good strategy. most people say they're going to do it but they don't.

[1stTimeCaller]

that would be cool with me. I can fix anything but the crack of dawn ;)

FW isn't too spensive but the really cheap stuff seems to be on Caesar Chavez Dr. and Santa Ana Blvd.

[critical_phil]

what oldnslo said.

[1stTimeCaller]

Go with a 30 year, but pay it in 15. Or less.

OK, why is it better to have a 30 year mortgage and pay it off in 15 rather than a 15 that you pay off in 15?

[Osce0la]

that would be cool with me. I can fix anything but the crack of dawn ;)

Is this the girl from the other night? And what's wrong with her crack?

[etouffee]

there are several reasons. one is that it gives you flexibility. if your financial situation changes, you can cease the extra payments and stretch the mortgage over the full term, and your monthly payment would be lower than the 15. With a 15 year loan, you don't have that option. You'd have to refi.

[1stTimeCaller]

Is this the girl from the other night? And what's wrong with her crack?

it has a hole in it. I may have to plug it up tonight.

anyhoo, aren't the rates cheaper for 15 year notes than 30 year notes?

[etouffee]

rates are cheaper, payments slightly higher

[colleyvillesooner]

I must agree. We built ours 5 years ago and got part wood, part berber, and i'm kicking myself for that. carpet sux. especially if you have small kids.

Oh, that's not why I think he should get all hardwood floors.

[etouffee]

ok, so don't keep us in suspense. why do YOU think he should get all hardwood floors?

[Osce0la]

Oh, that's not why I think he should get all hardwood floors.
:confused: :les: OUT WITH IT

[1stTimeCaller]

:les: OUT WITH IT

that's what he's getting at.

I got real drunk and peed on a chick's carpet during the middle of the night one time when I lived in Denver. That thin air at 5,280 ft. above sea level made me do some weird stuff. Yep, that's my excuse.

[Stoop Dawg]

rates are cheaper, payments slightly higher

So why would you advise someone to take the higher rate? That seems silly.

I'm surprised no one has chimed in with "You can deduct the mortgage interest, so pay as much mortgage interest as you can!!!"

Of all the debt you can have, low APR deductable mortgage interest is the best. But that doesn't change the fact that all interest accruing debt is BAD!

[1stTimeCaller]

So why would you advise someone to take the higher rate? That seems silly.

I'm surprised no one has chimed in with "You can deduct the mortgage interest, so pay as much mortgage interest as you can!!!"

Of all the debt you can have, low APR deductable mortgage interest is the best. But that doesn't change the fact that all interest accruing debt is BAD!

well, my credit card has a balance of about $200 for another few days. Other than my tiny credit card balance, a car payment and rent I don't have any debt.

[Osce0la]

If I had been paying attention I would've caught the hardwood floors thing...I didn't even realize 1TC was asking all of this...:rolleyes:

[Stoop Dawg]

well, my credit card has a balance of about $200 for another few days. Other than my tiny credit card balance, a car payment and rent I don't have any debt.

That's awesome.

Now, get rid of that rent payment!!! It's like throwing money away!!

[1stTimeCaller]

That's awesome.

Now, get rid of that rent payment!!! It's like throwing money away!!
it's not throwing away money!! I gotta live somewhere;)

[colleyvillesooner]

that's what he's getting at.

I got real drunk and peed on a chick's carpet during the middle of the night one time when I lived in Denver. That thin air at 5,280 ft. above sea level made me do some weird stuff. Yep, that's my excuse.

Thank you.

newbs ;)

[Howzit]

what critical_phil said.

And don't buy in Flower Mound.

[1stTimeCaller]

Pondmont drive, here I come!!!!!!

[Howzit]

:D