Asked by Kristi Maris, Colorado • Thu Dec 27, 2012
We are closing on a home and got an amazing interet rate of 3.5. We are putting down 3.5% as the down payment on a $240K loan. We are going to have to pay mortgage insurance since we are putting down less than 20%. What is your opinion/advice for this situation. Should we make an extra payment every year (actually we would prefer to pay an extra $150 payment above what our monthly mortgage payment is) or are we better off putting that money in savings? Normally I would absolutely say that we need to make the extra payment every year to cut down the length of our loan but with interest rate being so low what is your advice. We are young 25 years old and we would love to have our home paid off by the time we are 45 - 50 but we dont want to make a poor financial decision. We want to make our money work for us. Is there any advice that you all would give us as first time home buyers? We are hoping to start a family soon and we want to make this our forever home. We dont want to flip
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