Going off the previous post, what type of loan does everyone have for their house and what interest rate do you have? What were you reasons for choosing your loan and when did you buy?
30 year fixed at 4.375% with 20% down.
Choose the 30 year as we don’t plan to live in this house more than 10 years maybe even earlier. However, even if we stay longer we believe it’s worth the penalty of interest to have more cash flow monthly to spend in other areas such as investments, travel, etc.
Current house is a conventional 15 year fixed at 3% and 25% down.
Closing later this month on new house. Jumbo 20 year fixed at 4.25% and 20% down.
25 year fixed at 2.89%. 3 years in to our 5 year term. Not particularly looking forward to refinancing.
Only 22 years and around half a million dollars left to go! I can almost taste the freedom…
25 year fixed at 2.89%. 3 years in to our 5 year term. Not particularly looking forward to refinancing.
Only 22 years and around half a million dollars left to go! I can almost taste the freedom…
You realize your first paragraph is contradictory.
IIRC how you Canuks do it is that you have a series of 5 year loans payable on a longer term table more like a 25 year mortgage ARM with 5 reset periods. It’s weird IMO.
Closing in a month on a condo, 3.75% fixed 15 years. Different type of loan as it’s a building being converted to condos and most places won’t touch it until it’s 70% sold or something like that. 80% down. Our current monster house was paid off but it’s all location location location so the new place is more $$$ but smaller. But 10 year tax abatement so I have that going for me…
25 year fixed at 2.89%. 3 years in to our 5 year term. Not particularly looking forward to refinancing.
Only 22 years and around half a million dollars left to go! I can almost taste the freedom…
You realize your first paragraph is contradictory.
IIRC how you Canuks do it is that you have a series of 5 year loans payable on a longer term table more like a 25 year mortgage ARM with 5 reset periods. It’s weird IMO.
Basically that’s more or less it. At one point you could get 30 year mortgages. So initially you set the term at say 25 years, but you lock in to anything from floating (variable 1-5 years) or locked in at 1-10 years.
Upon renewal you can pay off completely or reduce to as low as 5 years if you have extra money.
Most mortgages you can up monthly/bi-weekly by 20% and you can also lump sum 20% of principal yearly.
Maurice
15 year fixed 2.79%.
Bought in 2008 (re-did loan in 2010).
Been making principal payments along the way (which we just stopped doing because we’re better off investing those extra payments) so will be paid off a couple years early.
25 year fixed at 2.89%. 3 years in to our 5 year term. Not particularly looking forward to refinancing.
Only 22 years and around half a million dollars left to go! I can almost taste the freedom…
You realize your first paragraph is contradictory.
IIRC how you Canuks do it is that you have a series of 5 year loans payable on a longer term table more like a 25 year mortgage ARM with 5 reset periods. It’s weird IMO.
Basically that’s more or less it. At one point you could get 30 year mortgages. So initially you set the term at say 25 years, but you lock in to anything from floating (variable 1-5 years) or locked in at 1-10 years.
Upon renewal you can pay off completely or reduce to as low as 5 years if you have extra money.
Most mortgages you can up monthly/bi-weekly by 20% and you can also lump sum 20% of principal yearl**y. **
Maurice
This is what we did. It is clear titled now 
30 year fixed at 3.25.
In the UK I’ve got an interest only mortgage at 2.19% fixed for 2 years (75% deposit, so loan is only 25% of house value). After 2 years it then switches to the standard variable rate, but at that point I’ll re-mortgage to another interest only loan.
I could pay off the principal now but figure that I can earn more than 2.19% after-tax by investing the funds.
On my rental, 6.0% I think, interest only. Uk
It was my only option as it was pay 6% or lose 200k deposit and I was not able to access high Street loans as I was not working and had no income. It was based off of rental income and LTV
If we relocate in next four months, then I will refinance it on to five year fixed at 2.x%
My preference at the moment if I were looking for a mortgage would be 5-10yr fixed, anything under 3.5-4% would be a good deal. Interest only as if circumstances changed I could just pay it off.
Zero, because we bought houses that were less than 2x my income at the time of purchase, and we aggressively paid down the mortgage. When we did have a mortgage, they were 30 year, whatever the rates were at the time (first house was 1994. 2nd was 2005).
Going off the previous post, what type of loan does everyone have for their house and what interest rate do you have? What were you reasons for choosing your loan and when did you buy?
30 year fixed at 4.375% with 20% down.
Choose the 30 year as we don’t plan to live in this house more than 10 years maybe even earlier. However, even if we stay longer we believe it’s worth the penalty of interest to have more cash flow monthly to spend in other areas such as investments, travel, etc.
New, beautiful house on a lake.
Lifetime lack of mortgage with 0% interest and 100% down.
15 year fixed 2.79%.
Bought in 2008 (re-did loan in 2010).
Been making principal payments along the way (which we just stopped doing because we’re better off investing those extra payments) so will be paid off a couple years early.
Did the same thing a few years ago and paid it off.
Original term was ~4% @ 30 years. Did a restructure and make up payments to a 2.85% @ 15 years after the first year. We are 8 years into it. Our payment is only about 9% of our net income, so plenty of money to put else where.
interesting timing of this post. After 3.5 years of post divorce, living/renting in a renovated barn loft, GF and I are dipping out toes back into home ownership. Just filed the paperwork to get pre approved. Looks like: 30 year fixed; no points at 4.12%; 20% down (F’ you PMI).
Its weird, where I live in little ole’ Knoxville, TN., our housing prices (per square foot) are skyrocketing. Just pisses me off. I think the yanks’ are migrating south and pushing up prices.
Primary Residence:
30 year fixed, about 3%-2001
Refinanced to 15 year fixed 2009
Paid off 2018
Vacation place:
30 year fixed 2005, don’t remember interest
Have always paid extra so should be paid off 8n the next 4-5 years.
We have 10 years fixed term at 0.85%. In 10 years we’ll either pay off the rest or negotiate a new term. We had around 40% down. We haven’t moved in yet but plan to “over pay†the max which is 20 000€ a year.
15-year fixed at 3.125%. Itemizing deductions, we effectively pay ~2.5% interest rate.
We had a 30 year fixed. A few years ago, in year 12 of the loan, we re-financed into a 15 year fixed at 2.79%. We did not put anything down out-of-pocket because we had in excess of 20% equity in the house at the time.