Quote:
Originally Posted by Hog Farmer
3.875 is a good rate. If you're set on going fixed I suggest 15 years instead of 30. The monthly difference isn't that much but the total payout difference is huge.
If I were you I would leave it alone. Interest rates aren't gonna go up enough to worry about.
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Because of my volatile job situation, the 30 is a far better option. The payment at 3.75%/30yr is $250 less than 3.0%/15yr, and I'll overpay dramatically on principal once my job becomes more stable. The ARM has a cap of 8%, which is why I want to get out of it ASAP, even if that means I forego an adjusted interest rate lower than I'm currently at.