Anyone know what\'s the best motgage out there right now for a $455,200 loan after a 20% down payment?
I\'ve been shown three loans...
The first is a 6.15% APR with an interest only minimum payement for the first 10 years (you of course may pay more to rduce the principle), after that whatever is still on the principle must be paid over 20 years (interest + principle) or refinance. This will have a minimum payment of $2300 the first 10 years then close to $3200 the remaining 20 (if no principle is paid and it is not refinanced). This has no points.
The second is a straight 6.0% APR of around $2700, no points.
The third is a 5.75% but has one point.
I guess I\'m looking for advice from people who own a house. Do you recomend the lower payment (but higher rate) just in case something happens (like needing a new car, new baby, loss of job, etc.) Or is it better to pay the lower rate and suck it up.
The lender said odds are I\'ll refinance within 10 years anyways... Thoughts?