I think a 15 year loan is a great idea. It forces you to get rid of the mortgage quickly. If you go bi weekly and then make one extra payment at the end of the year you would be mortgage free in under 10 years.

I would suggest doing FHA to get a 3.5% down mortgage. This would cap you at a max amount of 635k for a 1 family. Keep in mind that 2,3 and 4 families all have higher loan limit amounts.

It is a good idea to contact a mortgage professional before
you decide to buy and review different loan programs.
With a 15 year loan you will pay it off sooner but, with a
conventional loan of 30 years, that to me sounds like what you need.
By just making a extra payment once a year you will buy the
loan off in just 20 years and it will give you more freedom.
If you have additional questions you can direct them to me.
My Direct # 347-813-1290.
Here is my website http://fajardodelacruz.realtors.officelive.com
or my e-mail delacruz.fajardo3@gmail.com
Hope to hear from you soon.

Dear Ralph:

Why do you want a 15 year? I think you would be better off with a 30 year fixed. The payments are less and you can alway pre-pay some principle along the way which would shorten the loan term. If you make a 13th payment every year, you will shorten the loan to about 22 years instead of 30. Not only that, if it turns out you sell the house sooner rather than later, you will be paying off all the principle anyway. You will also get a bigger tax write-off. If you borrow $600,000.00 with a 30 year fixed mortgage the costs would be about $3,400.00 per month. Then you add in real estate taxes and insurance which would bring that number up to $3,800.00 per month. With the income, assets and credit you quoted you would qualify for this type of loan.

If I can be of further assistance, please contact me again.

Mitchell Feldman
Associate Broker
Madison Estates & Properties, Inc.
Office: (718) 645-1665
Email: MitchellSFeldman@aol.com

Hi Ralph,

The scenario you are describing is a "jumbo" loan. Those normally require 20% down. If you can get the additional down payment the terms might be better.
Another option you have is an FHA loan. The product allows for less down payment and the rates are favorable.
On a 15 year FHA loan - if you put 10% - you don't have to pay mortgage insurance - excellent feature!
On a 30 year loan mortgage insurance is required.

Hope this helps,
Shai Megiddo
Loan officer
(718)947-1541
shaimegiddo@gmail.com