On Wed, 10 Apr 2013 22:32:03 +0100, Orchid Win7 v1 wrote:

> On 10/04/2013 12:54 PM, Orchid Win7 v1 wrote:
>> On 10/04/2013 09:37 AM, scott wrote:
>>> So you're holding things up at the moment then :-)
>>
>> Yeah, pretty much. ;-)
> 
> And then of course there's the small matter of ringing round places that
> only open during my work outs to try to find the best mortgage rates.
> Because, you know, when the principle is drastically more money than you
> will ever own, and the term is the rest of your entire working life,
> compound interest is pretty steep...
> 
> On the one hand, I don't want to slow things down any more than they
> already are. On the other hand, I want to find the best deal.

That's sensible.  Also bear in mind, though, that if you do a 30-year 
term, most people don't stick with that term.  They refinance when the 
interest rates go down, sometimes adjusting the term (in the US, it's not 
uncommon to start with a 30-year term and then later to switch to a 15-
year term, or to just refinance with a new 30-year term).

We've been in this house for 11 years, and have paid down the principal 
by a little bit.  But the value has gone up, too - and we expect to get 
about $100,000 more selling it than we paid for it (the market in Utah 
didn't crash as badly as other parts of the US, and the rebound has been 
quicker).  So it's something of an investment, too - it's not just about 
what you're paying in, but what you get out of it when you sell it.

Just remember that the term isn't "the rest of your entire working life", 
it's "until you refinance or sell the property".  What you want is to 
increase the value so when you sell, you get more than you paid (or will 
pay in principal by the end of the term)

Jim

Post a reply to this message