Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
did you shop around for loans?
The bank we have been working with up to this point has us set up with a 7/30 loan (7 years, interest stays the same, then refi or accept what market is at that time). DH wants us to get a 30 yr fixed loan and I really don't understand why so he is shopping around. We have time before our loan deadline next week. The reason I want to stick with the 7/30 is bc they are offering almost $8000 in downpymt assistance. If we go with a 30 yr fixed we won't get that. WWYD? Thoughts?
Re: did you shop around for loans?
We really don't. I think DH just needs the peace of mind.
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Our mortgage broker shopped for our rate for us. I personally would be very afraid of a mortgage that will fluctuate in 7 years.
I would call a broker personally and try to get a better mortgage. We were able to get a 5% down no pmi loan and our sellers are doing a credit for closing costs. Would you be able to lock in a 30-yr fixed and have sellers cover closing?
Unless you know that you?re moving in 7 years, I would get a fixed rate mortgage. Rates are historically low, and the likelihood of a refi being as good or better is probably slim. It seems like compromising a good long-term interest rate for down payment assistance is penny wise and pound foolish.
We shopped around for mortgages and two brokers got into a bidding war over us. We ended up going with the guy who dropped his loan origination fee and the appraisal fee, but offered the same rate as the other guy.
This exactly. The economy is crazy. One thing affects another. For all we know, the USA could be at war in another county in 7 years...or the student loan bubble could burst, like I've been reading...I guess the list of "what-ifs" could go on forever, but I do know, having worked as a loan pfficer, that lots of people got into trouble with ARMs (adjustable rate mortgages) several years ago. Also, you have to consider your personal lives too. What if one of you gets sick or you have a bigger family or you lose a job and you could have locked in a rate now around 4%, but in 7 years the rates are 1-2% higher? Might that hurt you?
IMO, it never hurts to be financially conservative and cautious, with loans/debt, in these types of times. I'm agreeing with your husband.
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