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First time home buyer tips/ mortgage rates
Started by RobertStandley12 Jul 2018

Hi,

I am looking to buy a house in the next few months, likely it will be around 300000 and my wife and I will be able to put down 100000. My wife and I just got married and both do well and work full time, we are not planning to have kids for 5 years or so (that’s the plan at least). We both have good credit scores and should be able to get lower rates on interest. Our goal is to pay off our mortgage in 5-6 yrs, although this is tight, we could do it with a salary of about 140,000 combined a year before taxes. We have estimated costs of paying off the house, but it’s hard to estimate what could happen to us financially in the future. We wanted to know if anyone has done a 10 or 15 yr mortgage and paid it off in 5-6 yrs. If there is a big interest rate difference between 10 to 15 year mortgages? How often do people actually plan to pay off their mortgage early but don’t. What’s the best way to go about getting the best mortgage rates? Should we work with multiple mortgage companies and use them as leverage to get the best deal?

Please help.

I didn't find the right solution from the Internet.

References:-

https://www.bogleheads.org/forum/viewtopic.php?t=249839

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Thanks!