Comments on: 30 vs. 15-Year Mortgage. Which Is Best for First-Time Homebuyers? http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/ WealthPilgrim.com - A Journey To Self, Health and Wealth Sat, 11 Feb 2012 14:42:35 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: ranch111 http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-7183 ranch111 Sun, 12 Sep 2010 16:57:34 +0000 http://wealthpilgrim.com/?p=15176#comment-7183 We are refinancing a 6.25% 30-year FHA loan to a 3.75% 15-year conventional. Getting rid of the PMI. Taking control of the ripoff escrow. Our P&I went up about $65. I think we can handle it. We are refinancing a 6.25% 30-year FHA loan to a 3.75% 15-year conventional. Getting rid of the PMI. Taking control of the ripoff escrow. Our P&I went up about $65. I think we can handle it.

]]> By: Sara A. http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-5789 Sara A. Wed, 07 Jul 2010 09:52:52 +0000 http://wealthpilgrim.com/?p=15176#comment-5789 If you can't afford a 15 year mortgage, you can't afford the home! If you can’t afford a 15 year mortgage, you can’t afford the home!

]]> By: Belmont Thornton http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-5709 Belmont Thornton Sat, 03 Jul 2010 10:45:13 +0000 http://wealthpilgrim.com/?p=15176#comment-5709 I feel the sooner you are out of debt the better. If the repayment period is short then the amount is high, but if you see the better side of it, you are getting out of the debt sooner. I feel the sooner you are out of debt the better. If the repayment period is short then the amount is high, but if you see the better side of it, you are getting out of the debt sooner.

]]> By: Financial Bondage http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-5670 Financial Bondage Fri, 02 Jul 2010 01:59:05 +0000 http://wealthpilgrim.com/?p=15176#comment-5670 15 year loan saves money. I would get no longer than a 20 year loan. shorter loan means your payment is higher but you save money in the long run. 15 year loan saves money. I would get no longer than a 20 year loan.

shorter loan means your payment is higher but you save money in the long run.

]]> By: Doug Warshauer http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-5654 Doug Warshauer Thu, 01 Jul 2010 00:11:47 +0000 http://wealthpilgrim.com/?p=15176#comment-5654 @JoeTaxpayer, I think that's a great point. If you can be satisfied with the smaller home, you are still better off with the 30 year mortgage. Your $163,000 mortgage mortgage would have payments of about $875/month instead of $1,250/month, leaving you an extra $375/month to save or spend as you see fit. @JoeTaxpayer,

I think that’s a great point. If you can be satisfied with the smaller home, you are still better off with the 30 year mortgage. Your $163,000 mortgage mortgage would have payments of about $875/month instead of $1,250/month, leaving you an extra $375/month to save or spend as you see fit.

]]> By: JoeTaxpayer http://wealthpilgrim.com/30-vs-15-year-mortgage-which-is-best-for-first-time-homebuyers/#comment-5653 JoeTaxpayer Wed, 30 Jun 2010 23:30:57 +0000 http://wealthpilgrim.com/?p=15176#comment-5653 Ok you got me - 30 yr $291K home 15 yr $204K home (plus the $17K) What about getting the smaller home, investing the $17K, and also invest the difference by taking the 30 year mortgage? Moving and the buy/sell friction certainly costs, but far less than living in the 2000sq ft house long enough to know if you really need that McMansion. Ok you got me -

30 yr $291K home
15 yr $204K home (plus the $17K)

What about getting the smaller home, investing the $17K, and also invest the difference by taking the 30 year mortgage? Moving and the buy/sell friction certainly costs, but far less than living in the 2000sq ft house long enough to know if you really need that McMansion.

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