Conservative. Idaho. Software engineer. Historian. Trying to prevent Idiocracy from becoming a documentary.
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"And we know that all things work together for good to them that love God, to them who are the called according to his purpose." -- Rom. 8:28Friday, June 22, 2012
Mortgage Rates At Historic Lows
My credit union is advertising 3.706% APR for 30 year fixed rate mortgages. More impressive, I notice that along with 15 year mortgages (which have always been a good idea for those with lots of money to spend each month) they are also advertising 10 year fixed rate mortgages, at 3.107% APR. For a $100,000 mortgage (which would be a pretty nice middle class home in the Boise Metro area), that's $960 a month--a perfectly reasonable payment if you had a good job. (I know that good jobs still exist in this area, even if I am age unqualified for them.)
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Here's a little tip. Get a 30-year mortgage, and pay it off according to a 10-year schedule. That way, if you ever get stuck, you can revert back to the 30-year schedule.
ReplyDeleteYes, I did that when I was younger, and had a private sector job.
ReplyDelete"The Monthly Mortgage Payment (P&I) is based on a 10-year term with a loan amount of $100,000, purchase price of $134,000 (25% down payment) of an owner-occupied conforming property. The calculations assume excellent credit, member-paid closing costs, including points and .50% origination fee."
ReplyDeletein other words, $33,500 down payment plus a $500 origination fee is required. THAT is a big chunk of change.
The $500 isn't; the down payment might be a bit hefty for someone buying their first house, no question!
ReplyDeleteYou troublemaker, reading the fine print!