Ah, mortgage rates. Those saucy minxes have me vexed. But I'm almost, almost convinced to go with a variable rate mortgage.
The mortgage guy send me a side-by-side comparison of the amount of interest I'd be paying at a five year, monthly, fixed rate of 5.84%, compared with a five year, monthly variable rate of 5.1% (prime minus .90). It's about a $10,000 difference.
And this isn't even taking into account the fact that I want to do accelerated bi-weekly payments.
What would Jesus do?
Subscribe to:
Post Comments (Atom)
3 comments:
I would take the variable rate mortgage, provided that I could lock in at any time. Have faith, but cover your ass-ets.
I dunno about Jesus.. but Oprah, who I'm pretty sure doesn't have a mortgage on anything, anymore - would go variable.
You'll never take that "option to lock in" - because the variable rate will always be lower than the 5 yr fixed rate.
That whole "option to lock in" thing is for nervous people who are afraid of the variable thing.
Listen sister, that is what We call blasphemy.
Post a Comment