Not that I am trying to be harsh, but you must really be kidding that you are so impressed with your loan that you'd post it here, after the fact(?), and seek a pat on the back. I can only hope that you are meaning to communicate that you are close to closing such a deal and are looking for last second advice.
Lets say for the sake of argument, that I got a 6%, no points, 60 day lock, on a 30 year fixed jumbo (+750K)... a fact that I'm not yet admitting on this blog.
I'll take my loan any day of the week over yours. Oh, by the way, my total fees including the appraisal amounted to about $470. Hmm. $470 in fees for 3/4 of a million of someone elses money at par. Hmm, that's a little closer to "too good to believe." Did I use a mortgage broker? Nope. As I've gone on and on on this blog, if you really care about your own money, you learn the system for yourself.
I would strongly advise against I/O. I would strongly advise against 5-year terms. I would strongly advise only buying a home that you expect and are willing to remain within for the next 10 years. looking at a 5-year product suggests to me that you have not thought through the potential liability you face. Spend at least as much time considering a purchase and financing as you do selecting your fantasy football team.
