03-17-2011, 06:07 PM
thermarest wrote:
[quote=pinion]
If you decide to buy make sure you buy something that you can afford a 15 year mortgage on. It's not that much more a month and you'll save a TON in interest.
I recommend the opposite, and it is actually a whole lot more per month. I have a house with 7 years left on its mortgage and I'm refinancing to 30 yrs. With 4.875% interest, all of which is tax deductible, locked in for 30 years its the cheapest money you'll ever get. Unless there is NOTHING in your future you may want to spend a substantial sum on, that is. But this is way OT since kap doesn't seem to be house hunting.
All of our houses we owned were on the 30 years fix mortgage. That is usually the route we prefer. 15 yrs would be good depending on other factors.
Has the housing market in So CAL bottomed out yet?