Looking to buy a house quite soon, and have been planning on getting a 15-yr fixed rate mortgage and paying it off quickly to improve cash flow as soon as possible. However, I'm sure most of you know how tough this current housing market is for buyers, and most of the good options are a bit beyond what we'd normally want to be spending.
One place we want to put an offer on would put us at monthly payments at just under 30% of our take-home, which is a little high. As such, we've been considering getting a 30-year and paying additional payments on a regular basis, so we can still pay the loan off over the same period as the 15-year, but with a slightly higher interest rate affording us a bit more flexibility if need be.
Would appreciate any thoughts/experiences regarding the tradeoff b/w a 15-yr and 30-yr + prepayment. Thanks
Submitted May 09, 2021 at 08:38PM by DubzBreezy https://ift.tt/3vSgKN1
