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P-O-P, that makes absolutely perfect $en$se to me also. Getting into your first home can totally change the way one operates if they've been renting and not used to all the potential unexpected expenseses that come along with ownership. Not wanting to be "put in a bind" is exactly why I opted for a 30 year fixed loan, knowing that I was capable of paying more (along the lines of the amount for a 15 yr at a slightly better rate), and salary increases would surely coming as I went along. Though I never "had" the unexpected hit me, if it had, I could have temporarily dropped my payment back down to the 30 year payoff amount. The loan % differences between 15/30 didn't weigh upon me as much as the fact that I never wanted to be strapped for cash if the $HTF. I never even considered a variable rate either (even better %s)...at these low rates, LOCK in for the long term. I've got a family member who just "overbought" in your neck of the woods, and stretched themselves thin to get the house they wanted. Despite my suggestion to "lock in a low rate" last summer....went with a ARM. Makes good "coin", but clueless when it comes to quantitative analysis imo, but I just keep my mouth shut after pointing it out "one" time. Everyone has to analyze their own particular situation imo...YMMV.
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