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Which mortgage is better in long term?

Amazon ajfke5

Oct 28, 2021 14 Comments

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Which jumbo mortgage is better in long term accoording to you folks?
First time home buyer so still learning stuff..i am also planning to pay down more principal in the jext ten years to lower the remaining loan
#mortgage

38 PARTICIPANTS SELECT ONLY ONE ANSWER

3.25 30 years fixed
2.75 10/1 arm with +5% ceiling

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TOP 14 Comments

Workday wQnI64

Always 30 years. You will find it easier to refi than the 10 year arm if rates go down in the future

Oct 28, 2021 3 2
- Amazon ajfke5
  OP
  
  Even if .5% diff results in $200 less payment per month for 120 months?
  
  Oct 28, 2021 0
- Workday wQnI64
  
  For me, I went from 3.5 to 3.125 to 2.75 in a period of two years. Also the last refi, i got no fee. Again, you know your situation the best so its your call
  
  Oct 28, 2021 0
Amazon Inves

Take the Arm. I went through the same logic that you did. It's better to have less interest in the first few years of owning the home when the loan principal is highest.

Oct 28, 2021 1 0
Amazon ajfke5
OP

I am also almost about to get an offer for 2.375% for 10/1 arm with 0 closing costs. Would that be better than 3.25 30 fixed?

Oct 28, 2021 0 3
- Amazon ajfke5
  OP
  
  Seattle
  
  Oct 28, 2021 0
- Workday cococeo
  
  Hmm ok
  
  Oct 28, 2021 0
Lyft ahshfn

Can you shop around and get less than 3.25? Or transfer assets for discount

Oct 28, 2021 0 1
- Amazon ajfke5
  OP
  
  This is lowest i am getting so far. I missed a credit card payment 3 years ago which is screwing me hard
  
  Oct 28, 2021 0
Facebook bucket 🪣

How long will you stay? How long will you take to pay it off? How risk averse are you?

Oct 28, 2021 0 1
- Amazon ajfke5
  OP
  
  Honestly, i dont know yet. I might plan on moving to a bigger one if situation permits. I was always planning one getting the one home for lifetime to raise family
  
  Oct 28, 2021 0

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Which mortgage is better in long term?

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