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Jan 14, 2022
2:12
:59
pm
mulletino
mulletYno@gmail.com
99% of all loans are Fannie Mae or Freddie Mac. You can do whatever you want after you’ve occupied the property for 12
months. It doesn’t require anything else in your loan documents.
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mulletino
Previous username
BYU-Provo
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mulletino
Joined
Feb 21, 2002
Last login
May 4, 2024
Total posts
57,854 (12,296 FO)
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Messages
Author
Time
Why get a 30-year fixed mortgage if you are moving within ~7 years?
NorthBayCoug
1/14/22 11:45am
We refinanced with a variable rate mortgage with 7 years fixed, 2.1% interest
wannnacruise
1/14/22 11:47am
Why pay 4% I/O variable when you can pay 2.875% fixed in case your plans change or convert to rental property?
mulletino
1/14/22 11:49am
can you keep an owner occupied note when you convert it to an income property?
BYUFBDAD
1/14/22 12:13pm
Yes, as long as you live in the home for 12 months as agreed on the occupancy affidavit.
mulletino
1/14/22 12:21pm
If conversion is a possibility, I'd make sure that document is in the package.
BYUFBDAD
1/14/22 1:21pm
99% of all loans are Fannie Mae or Freddie Mac. You can do whatever you want after you’ve occupied the property for 12
mulletino
1/14/22 2:12pm
<< Deleted >>
NorthBayCoug
1/14/22 12:33pm
That's what I used to think, but here is why I have changed my way of thinking
NorthBayCoug
1/14/22 12:39pm
Doesn't that $367/mo go to your equity, though? So you'll get more when you
RGGeemer
1/14/22 12:45pm
It does. But does that $367/month in the bank increase at the same rate
NorthBayCoug
1/14/22 12:48pm
My current view = 15 year mortgage, most expensive home you can afford-- even
Socrates Johnson
1/14/22 11:50am
with rates this low 30 year is objectively better than 15
Gente_Boa
1/14/22 11:53am
How so?
Socrates Johnson
1/14/22 12:32pm
yes, And you tie up less cash now in your monthly payments that you can use to
Gente_Boa
1/14/22 3:00pm
If you can be that disciplined, there is no doubt that would be something.
Socrates Johnson
1/14/22 7:00pm
Risky
RGGeemer
1/14/22 11:55am
lol. This is truly terrible advice. Buy the most expensive house you can possibl
Mayor of Cougartown
1/14/22 11:59am
To be fair, we bought in 2017 with the idea that we would move to a bigger house
RGGeemer
1/14/22 12:09pm
unprecedented times. Can't make a blanket recommendation on something based on
Mayor of Cougartown
1/14/22 12:15pm
The purpose is to force you to save more without your noticing it or having
Socrates Johnson
1/14/22 12:20pm
That is fine but it is a terrible return. 15 year rates have been in the 2s
johnnybyu
1/14/22 4:23pm
If you are disciplined enough to actually do it, I agree.
Socrates Johnson
1/14/22 7:01pm
If you buy on a 15 year mortgage, more than half of your payment is savings
Socrates Johnson
1/14/22 12:16pm
ok I get what you're saying. A way to force save.
Mayor of Cougartown
1/14/22 12:37pm
I agree house poor sucks, but if you limit to what they will loan you on a 15
Socrates Johnson
1/14/22 12:40pm
4% on a home hasn't been a good rate for a long time.
IdahoCoug
1/14/22 11:52am
What if you want to pay an extra 35% toward interest instead of principal and escrows?
mulletino
1/14/22 11:58am
Isn’t the worry things could change. Rates climb and you don’t move when you
SouthernBlueBlood
1/14/22 11:53am
So you can keep the house when you move as a rental
Gente_Boa
1/14/22 11:54am
If you can afford a new house in 7 years
RGGeemer
1/14/22 11:54am
Who knows what they're going to be doing in 7 years?
fattycoug
1/14/22 12:10pm
My thoughts have always been you don't know what's going to happen.
UNLVcougar
1/14/22 12:43pm
Explain to me how you believe an interest only loan is better than a regular 30 year? You do realize any additional
kimdaddy35
1/14/22 12:57pm
Yes, but do you realize the money you put into your house, which in
NorthBayCoug
1/14/22 3:56pm
I like interest only but it all comes down to rate. The return on paying your
johnnybyu
1/14/22 4:21pm
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