Quote:
Originally Posted by RANDY P
Remember that the only difference between a 15 and a 30 is the amount you pay monthly.
If you aren't taking any cash out or paying off any other debt it's usually cheaper just to up the monthly payments on your existing 30 to pay off in 15 years or whatever your goal is.
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Exactly. The only penalty for going with 30-yr fixed is the slightly higher rate. If you're feeling good, make payments as if it were a 15-yr mortgage. If things are tight, revert back to regular payments. It's always good to have options.
BTW, 5% would be tough to get in a risk-free investment. Thank you, Federal Reserve.
