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Mom Confessions Mom Confessions

What is the interest rate on your mortgage?

Anonymous
Posted by Anonymous
  • 62 Replies

We are looking at a new home and they are offering us 4% on a 30 year fixed.  We can do a 7 year ARM for 3% but we are having trouble deciding.  The price difference is about $130 a month.  Does anyone have any experience?

Posted by Anonymous on May. 2, 2012 at 9:46 AM
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Replies (1-10):
couponluv72
by on May. 2, 2012 at 9:48 AM

we are very fortunate. no mortgage. with my folks help we bought our house outright

slransde
by on May. 2, 2012 at 9:49 AM
3.875 30 year fixed
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pinkjimmies06
by Silver Member on May. 2, 2012 at 9:49 AM

 I would never ever do an ARM. What if the interest rates skyrocket in 3 years? Can't you do a 15 yr fixed?

Anonymous
by Anonymous 2 on May. 2, 2012 at 9:49 AM

3.6%

Mare1180
by on May. 2, 2012 at 9:50 AM
4.25% fixed.

Do not do an ARM...
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mommytoeandb
by Platinum Member on May. 2, 2012 at 9:51 AM
1 mom liked this
We are refinancing to a 15 year @ 3% fixed.
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JC2223
by Gold Member on May. 2, 2012 at 9:52 AM

 Do not sign anything unless it says "FIXED" rate. You may get a small monthly savings with an adjustable rate in the beginning, but those rates will skyrocket on you. This is part of what caused the real estate crash.

We have a 3.75% 30 year fixed mortgage.

Anonymous
by Anonymous 1 - Original Poster on May. 2, 2012 at 9:52 AM

Sure, but we would be looking for a new house, we could do a 10 for that matter and buy a shack.  I am fine with the term of 30 years. 

Quoting pinkjimmies06:

 I would never ever do an ARM. What if the interest rates skyrocket in 3 years? Can't you do a 15 yr fixed?


2teens2LOs
by on May. 2, 2012 at 9:52 AM

my best advice is NOT do a 30 yr loan but if you do, make sure it is the fixed rate.

our rate 4.75 on 15 yr, only 5 more years and counting!

 

alwayzsmiling82
by on May. 2, 2012 at 9:54 AM

DO NOT DO AN ARM!!!!!!!!!!  

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