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Apr 25, 2016
10:55
:36
am
Slim
The worst
If the new mortgage would be a 15 year then I'd hope the future rates on a 15 year mortgage aren't too
much more than the rate I'd get on a 30 year today.
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Slim
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Slim
Joined
Sep 1, 2006
Last login
Nov 4, 2022
Total posts
50,256 (15,468 FO)
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Messages
Author
Time
Anyone ever done a 15 year balloon mortgage?
Slim
The worst
4/25/16 10:28am
Rates are good. Now is the time for a fixed.
Mister P
4/25/16 10:36am
Not really. You pay a premium for the 30 yr fixed and no one stays in homes
Iman23
4/25/16 10:43am
If you feel like you're in a "30-year home" then go for the 30-year mortgage,
frontrowcougar
4/25/16 10:45am
Early in my career but looking at making it a permanent home.
Slim
4/25/16 10:46am
Is this a purchase or refi?
Iman23
4/25/16 10:46am
Purchase. I only have 5% to put down as it is our first home and this plan offers no PMI.
Slim
4/25/16 10:47am
Will you be able to pay it off if needed at or before 15 years?
byubyu
4/25/16 10:36am
Will I be able to pay off the complete mortgage amount including the expected balloon payment in 15 years?
Slim
4/25/16 10:41am
And if rates go up significantly (which is likely) what's the plan?
byubyu
4/25/16 10:53am
If the new mortgage would be a 15 year then I'd hope the future rates on a 15 year mortgage aren't too
Slim
4/25/16 10:55am
That is a very bad assumption
CougarThug
4/25/16 11:13am
They wont. Source:
molodyets
4/25/16 11:14am
I did an 8-year balloon with my first house. I knew I'd likely be there less
frontrowcougar
4/25/16 10:37am
I like the peace of mind of a low long-term interest rate.
titlecoug
4/25/16 10:49am
My mortgage payment would be about $200/month more with the 30 year fixed option
Slim
4/25/16 10:53am
Which would essentially save you 300-400 per month for a while. If you can
cougaman
4/25/16 11:01am
I'm assuming the $200 in savings includes the saved PMI expense. Correct?
CougarThug
4/25/16 11:26am
if you are in Utah there are lot of first time home owner programst hat odnt
molodyets
4/25/16 11:26am
Is this your only home you will buy? If so then it is the best
deckard667
4/25/16 11:01am
Pay cash for my balloon purchases.
In Reverie
4/25/16 11:25am
$200 a month is what you're worried about? Get a set rate, dood.
HoustonCougar
4/25/16 12:48pm
I would also make sure that you are buying what you really can afford. Just because you are approved:
deckard667
4/25/16 12:55pm
Yeah. We are buying for well under what I could actually be approved for.
Slim
4/25/16 1:49pm
Yeah I ended up telling the mortgage guy we just want the 30 year fixed.
Slim
4/25/16 1:51pm
You should be able to do some sort of "piggy back" type loan to avoid PMI. Don't
cougaman
4/25/16 1:56pm
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