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onwebcam · 05-16-2013, 09:52 PM

Also never buy down your rate. What I mean by this is often to get that desired rate/payment you are asked to "buy down" the rate. What you are doing is paying 1% upfront to get what is likely one tenth of a percent decrease in rate. The likelyhood you will keep that loan for 10 years is a slim margin. Instead as I said earlier make extra principal payments.

Also put your loan on a 30 year note and if you pay bi-weekly you end up paying your loan off just as you would have with a 15 year. If you don't happen to have the extra funds one month then you just don't make the extra payment. Don't signup for the bi-weekly payment programs offered. The only way they exist is by earning interest off having your money in their account.

05-16-2013, 09:52 PM
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,663	Also never buy down your rate. What I mean by this is often to get that desired rate/payment you are asked to "buy down" the rate. What you are doing is paying 1% upfront to get what is likely one tenth of a percent decrease in rate. The likelyhood you will keep that loan for 10 years is a slim margin. Instead as I said earlier make extra principal payments. Also put your loan on a 30 year note and if you pay bi-weekly you end up paying your loan off just as you would have with a 15 year. If you don't happen to have the extra funds one month then you just don't make the extra payment. Don't signup for the bi-weekly payment programs offered. The only way they exist is by earning interest off having your money in their account. __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete. Last edited by onwebcam; 05-16-2013 at 09:59 PM..