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3
15 Yr Vs 30Yr
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Key_Whereas_9186 is
age
15
Post Body
Looking to a buy a home in low 400s. I have about 100-110k saved for downpayment (DP) and closing cost (CC). Lender said I could buy down the rate to 5.5% by paying close to 10k at close in addition to CC & DP. Doing the math it comes 15 Yr would probably be 500$ more per month compared to 30 Yr. Why do you most people take 30Yr instead of 15 knowing you’d pay so much more in interest.
Also, is buying down the rate a common strategy? My credit is about 738.
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Age
15
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- 1 year ago
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