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 » A Guide to Leavenworth, Washington Condos

A Guide to Leavenworth, Washington Condos

Topic: Mortgage

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Sham
We have a fixed rate mortgage and when we got it 3 1/2 yrs ago, we deecdid that the best thing for us (not for everyone, obviously) was to lock in for a 10-yr term at 5.5%. Yes, the variable rates are super low and have been for the last 2 yrs or so, but we sleep well at night knowing we calculated what we could afford monthly for a 10 yr period and we have no worries about what the rates will do for the remaining 6.5 yrs left on our term. We can afford 5.5% and probably upwards of 7-8% if necessary and we also have some wiggle room to temporarily extend the amortization from the current 16 yrs back up to 20-25 or even 30 yrs if we are suddenly down a significant amount of income. We'd hate to do that, but it's an option in the case of a sudden temporary income loss.
read more... 12/17/2012

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