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How to choose the "right" mortgage terms

Home Mortgages and Home Buying How to choose the "right" mortgage terms

  • ACN ACN 
    Moderator
    Status: Physician
    Posts: 636
    Joined: 01/08/2016

    You are not getting a big enough discount to choose the 15 year. So either 7/1 ARM or 30 year fixed. With the seven figure buy in I’d choose the thirty year. That’s what we’ve got. We can then pay extra whenever we want and do plenty of after tax investing.

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    2nd this advice.

     

    • 30Y Fixed: 3.875
    • 15Y Fixed: 3.75
    • 7/1 ARM: 3.375
    • 10/1 ARM: 3.625
    • 5/5 ARM: 3.25

    Of those listed these are most appealing.

    For a 15 year product you should get a more substantial discount.  No way I would pick a 10 year ARM over a 30 year for just .25% discount.  Personally I’d pay the .150 premium to get a 7 year ARM over the 5 year, but you could consider both depending on how aggressive you want to be on payoff.

    I am not a rate expert but all of those appear to be competitive rates in this market.

     

    For those shopping rates, when I was shopping doctor loans about a year ago, Jonathan Brozek at USBank had by far the best doctor loan rates.  [email protected]

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    USBank requires 10% down per the email I received.

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #209336 Reply
    Liked by Craigy
    Avatar Hogfan24 
    Participant
    Status: Spouse
    Posts: 12
    Joined: 11/21/2016

    Thanks for the feedback. KeyBank does not service my state but US Bank does. I will check them out.

    #209540 Reply

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