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Wayne Boatwright[_3_]

On Fri 01 Aug 2008 09:12:23p, sandi told us...

> (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 $.

Thanks, Sandi. That's probably a better option for us, since I'm sure we
could may additional monthly payments at times, but a much larger monthly
payment every month would drain us. We've already made a few extra monthly
principal payments on our current mortgage.

--
Wayne Boatwright
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Friday, 08(VIII)/01(I)/08(MMVIII)
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Democracy: Four wolves and a lamb
voting on lunch.
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