15 Year vs 30 Year Mortgage

[eyephone]

Does it make sense if I can borrow 50K from my 401k at 4.25% and put it towards the down payment? I pay that amount back each paycheck when my 30 year mortgage interest rate is 4.625%?

All the previous responses would apply to this scenario.

 

[eyephone]

Does it make sense if I can borrow 50K from my 401k at 4.25% and put it towards the down payment? I pay that amount back each paycheck when my 30 year mortgage interest rate is 4.625%?

Btw are you getting a 30 year jumbo loan? Because the rate seems kind of high.

 

[Chairman]

That is for a conventional. Jumbo rates are 4.5% with an 1/8th point as of Friday.

 

[eyephone]

That is for a conventional. Jumbo rates are 4.5% with an 1/8th point as of Friday.

Have you tried Zillow Mortgages?

 

[Chairman]

No, has anyone had much success with them?

 

[irvinerealtor]

No, has anyone had much success with them?

I believe Soylent Green Is People, one of our resident board members, participates in the Zillow program.
Highly recommend you check with him.

-IR2

 

[freedomcm]

f the big one hits, your insurance may not cover earthquakes but it covers fires 

of course, not fire due to earthquake braking gas lines, etc, right?

 

[sgip]

Get a 30, pay it like a 15. There is always something that comes up - both good and bad. During the good times, pay even more than what a 15 year amortization would be. During the bad times, pay the 30 year payment.