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sandi

(Steve Pope) wrote in
:

> Wayne Boatwright > wrote:
>
>>That's for sure. When we were planning on buying our present
>>home nearly two years ago, we were told by the lender that we
>>qualified for more than double the amount that we felt we
>>could reasonably afford. We went with the amount we felt
>>comfortable with, and insisted on a 30 fixed rate mortgage.
>>Doing anything else would have been foolish and would have put
>>us at the very risk that many people are facing now. We have
>>refi'd once since then, and are planning to do so in the near
>>future as rates have continued to drop in our area.
>
> That's very sensible. You might also want to look at the 15
> year fixed. Depending on market conditions, it can be a
> better bargain.
>
> Steve

In case of 'emergency' 30 yr is good AND making additional
MONTHLY principle payments (WHEN YOU CAN) and you can pay off the
loan is a lot less than 30 years! Paying on the principle in the
beginning of the loan saves MUCH interest $.