I want a predictable payment without paying heavily for flexibility I may never use. The obstacle is that the 7.58% 30-year fixed quote on a roughly $520,000 New York purchase is not as straightforward as the headline suggests once lender charges and the relevant LTV band are included.
What comparison period would you use if you might move or refinance but cannot count on either? I am weighing the APR and monthly payment against the full cost at several possible exit dates. I also need to understand any prepayment restrictions and whether the portability wording would be useful in practice rather than merely sounding attractive.
What comparison period would you use if you might move or refinance but cannot count on either? I am weighing the APR and monthly payment against the full cost at several possible exit dates. I also need to understand any prepayment restrictions and whether the portability wording would be useful in practice rather than merely sounding attractive.