wren_tools
Homeowner
I need to choose between these mortgage offers shortly, and the cheapest-looking one is not obviously the cheapest once I compare like with like. The purchase is about $325,000 in New York, with one quote at 7.44% fixed for 30 years. Fees and the applicable loan-to-value band account for much of the gap between the headline and the actual deal.
I may sell or refinance within five to seven years, so a full 30-year comparison seems misleading. Should I calculate the monthly payment, all cash paid during that shorter period, and the balance still owed at the end? One option costs more upfront but allows early repayment on better terms.
I am also unsure whether portability is genuinely useful rather than merely attractive on paper. What would you check regarding refinancing charges, rate-reset provisions and other contract terms before deciding?
I may sell or refinance within five to seven years, so a full 30-year comparison seems misleading. Should I calculate the monthly payment, all cash paid during that shorter period, and the balance still owed at the end? One option costs more upfront but allows early repayment on better terms.
I am also unsure whether portability is genuinely useful rather than merely attractive on paper. What would you check regarding refinancing charges, rate-reset provisions and other contract terms before deciding?