New house builder .... Help !

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
etguy
Posts: 83
Joined: Fri Oct 13, 2017 2:09 pm

New house builder .... Help !

Post by etguy » Mon Apr 15, 2019 7:24 pm

I am building a new house - hopefully will be closed in August. I was talking to a lender and this is what they gave me ...

10/1 ARM 4.125 %
15 yrs 4 %
30 yrs 4.625 %

We are planning to live in this house for 12 - 15 yrs .
about our income - 320K , no loans and other debts

I am torn which offer I should take ?

delamer
Posts: 7493
Joined: Tue Feb 08, 2011 6:13 pm

Re: New house builder .... Help !

Post by delamer » Mon Apr 15, 2019 7:29 pm

If you can meet all your savings goals, then go with the 15 year loan. You’ll save a ton in interest.

User avatar
Wiggums
Posts: 642
Joined: Thu Jan 31, 2019 8:02 am

Re: New house builder .... Help !

Post by Wiggums » Mon Apr 15, 2019 7:30 pm

delamer wrote:
Mon Apr 15, 2019 7:29 pm
If you can meet all your savings goals, then go with the 15 year loan. You’ll save a ton in interest.
I agree.

Topic Author
etguy
Posts: 83
Joined: Fri Oct 13, 2017 2:09 pm

Re: New house builder .... Help !

Post by etguy » Mon Apr 15, 2019 7:31 pm

thanks a lot for the response , in todays market are the rates fare ?

Crushtheturtle
Posts: 149
Joined: Sat Mar 15, 2014 10:29 pm

Re: New house builder .... Help !

Post by Crushtheturtle » Mon Apr 15, 2019 7:36 pm

etguy wrote:
Mon Apr 15, 2019 7:31 pm
thanks a lot for the response , in todays market are the rates fare ?
As with everything, you should talk to multiple lenders. To the extent their quotes are consistent, they are the current market rates, and therefore fair.

Silk McCue
Posts: 2159
Joined: Thu Feb 25, 2016 7:11 pm

Re: New house builder .... Help !

Post by Silk McCue » Mon Apr 15, 2019 7:39 pm

etguy wrote:
Mon Apr 15, 2019 7:31 pm
thanks a lot for the response , in todays market are the rates fare ?
A quick web search finds better rates. At least on the surface. Definitely do your research.

Cheers

User avatar
Wiggums
Posts: 642
Joined: Thu Jan 31, 2019 8:02 am

Re: New house builder .... Help !

Post by Wiggums » Mon Apr 15, 2019 7:43 pm

You can check rates here

https://www.bankrate.com/mortgage.aspx?

ragnathor
Posts: 47
Joined: Wed Apr 22, 2015 11:12 am

Re: New house builder .... Help !

Post by ragnathor » Mon Apr 15, 2019 7:47 pm

I am also a first time buyer. Be sure to check closing costs/fees closely! I had a lender offer 3.625% vs others with 4-4.5% but the first had 10k+ more in closing costs.

User avatar
J G Bankerton
Posts: 760
Joined: Thu Sep 14, 2017 3:30 pm

Re: New house builder .... Help !

Post by J G Bankerton » Mon Apr 15, 2019 7:53 pm

etguy wrote:
Mon Apr 15, 2019 7:31 pm
thanks a lot for the response , in todays market are the rates fare ?
It depends on how many rate cuts we will have in the next two years. Get the 15 year loan or you can do the 30 year and make extra principal payments.

Post Reply