Nah, it's somewhat regional. When you're not dealing with Jumbo loans (which is most of CA), ARMs and 15 years are similar in rates. And 30 years aren't really a whole ton more than 15 years, so most just go for 30 because it has a lower mortgage payment, and that's what the majority of people are looking for.D Griff wrote: ↑Mon Sep 28, 2020 1:27 pmOur mortgage broker kinda sucked... but we were never even offered this as an option. It might have been a compelling option as I don't really imagine we will be here in seven years.Detroit wrote: ↑Mon Sep 28, 2020 1:13 pm
Yea, ARMs make sense for a lot of people, myself included. Our broker claims that ARMs aren't really popular here because mortgages just aren't that big to make a huge difference in monthly so banks aren't too aggressive with them. 30 year fixed is still king especially with rates below 3%. Our mortgage is so cheap, I don't really care if I could save a few dollhairs one way or another.
But when I saw the "appraisal waiver" in the paperwork, I asked the broker and he said that banks around here are starting to do that for people buying below their means in high demand areas. Um, ok? I guess seeing that we could pay cash for the place gives them more confidence? Still seems weird but I don't have to pay for an appraisal, so that's nice.
I personally like 30 year mortgages because you can pay it like a 15 year and pay it off in nearly the same time, though you pay a bit more interest. But there's a benefit to that...if disaster strikes and you need to lower your monthly, just dial back the extra you're paying.
My goal at the new house is to get monthly obligation as low as possible so I could work at Costco and pay living expenses if I had to. But I'm also a
and worry that if I did an ARM for the slightly lower rate, I'd end up loving the house and staying in it for longer than 7 years and screwing myself. My aversion to risk makes the 30 most comfortable for me.
was our mentality/current setup, have a 30 year but just pay extra on it each month, it's nice that it could be lower than what we're used to if it ever had to be.
at the loss in cash and we'll likely have to start all over again.. This is my 5th mortgage, and by far the hardest I've ever had to work for. Banks are REALLY cracking down hard now, which makes me even more nervous.
, I want everyone buying to actually deserve it with proper qualifications. Nobody got time for people walking away from their mortgages en-mass like in 2009. That was a shit show.
yesterday, and realized that the JT just doesn't make sense for this type of driving. It's great for cruising around town, but when it comes to long highway slogs, there's better choices. Since there will be many highway slogs in the future and we have an increasing need for a truck at the new place hauling tons of crap, the decision was made to corporate lease the cheapest Ram possible. Small cab, big bed for hauling, will be used as a workhorse. Any decent used truck will be $10k these days and still require work because old car shit, so the decision to do another corporate lease to get through the uncertainty of the next year will be nice. It's just a year, so whatever.
on the Tradesman as it adds a rear LOCKER, skid plates, tow hooks, fancy shocks, and off-road tires. I almost skipped the off-road group ($10/mo), but have no idea what crap I could get into up north and figured it could come in handy if I do backwoods stuff (likely). Plus, it's should be pretty badass.
for a bit less, but it's also louder on the highway and smaller so meh. For utility purposes, the Ram makes far more sense. 
