So how is life in Custer in Whatcom County by Canadian border? (mortgage, loans)

[texasdiver]

Originally Posted by nowhereman427

I will have to check with realtor.com and zillow. For some reason It would not disclose any homes for sale information due to jet noise or something strange of that sort.

I'm not sure what you are looking at. Zillow has plenty of Oak Harbor real estate listings

https://www.zillow.com/oak-harbor-wa/

The Whidbey Island Naval Air Station is several miles outside of town to the Northwest.

[jerzdevil]

Island county is a huge island county with 80,000 people living there and several towns within it. The military base isn't very big. If it weren't for my work I would consider buying there as well.

[rkcarguy]

I was camping in Anacortes several days, and there was a couple jets out zipping around until about 3am. No one was sleeping when they roared by. No complaining here, as its the "sound of freedom", but beware it's a reality that can occur anytime, and there is no set flight path like a commercial airport where you can purchase/build off to the side and avoid most of the noise. Lots of people move out there, buy or build, and THEN complain, so that is why myself and others here bring it up.
I would think if one did some good triple pane windows and acoustic foam sound deadening in their master bedroom, it would minimalize it to where it wouldn't be an issue for all but the very light sleeper.

[rkcarguy]

Originally Posted by jerzdevil

Update: Interest rates are actually rising now. One realtor had a client that didn't lock in his rate until yesterday, and it rose from 2.8 to 3.5% between the time they were quoted and the time they had an offer accepted. So wow, that's like several grand in loss if they still go ahead with the purchase. Treasury yield apparently has a direct correlation and it's rising.

I think the wise thing to do is let the prices catch up with the new rates and continue saving, working on your credit, especially if you're almost into a higher credit bracket. That's my $100,000 advise.

Yuck. I've also been seeing that many of the ads are for 15 year mortgages if you read the "fine print".
The 30 year rate has been around 3.25% for the last few months I've researched them.
The Fed can print and give away all the free money they want, but if the banks feel that there is an inflationary threat they are going to pocket the difference and raise the rates to the borrower anyway.

[nowhereman427]

Originally Posted by rkcarguy

Yuck. I've also been seeing that many of the ads are for 15 year mortgages if you read the "fine print".
The 30 year rate has been around 3.25% for the last few months I've researched them.
The Fed can print and give away all the free money they want, but if the banks feel that there is an inflationary threat they are going to pocket the difference and raise the rates to the borrower anyway.

It's gonna depend on the borrower's credit record as to the best interest rate for 30 year loan.

[jerzdevil]

Originally Posted by rkcarguy

Yuck. I've also been seeing that many of the ads are for 15 year mortgages if you read the "fine print".
The 30 year rate has been around 3.25% for the last few months I've researched them.
The Fed can print and give away all the free money they want, but if the banks feel that there is an inflationary threat they are going to pocket the difference and raise the rates to the borrower anyway.

I dont understand why people do a 15 year mortgage. Cant they just do 30 year and still pay it off early? Isnt 15 year always a higher rate? Or lower?

Yeah credit has to be perfect to get the advertised rate.

[texasdiver]

Originally Posted by jerzdevil

I dont understand why people do a 15 year mortgage. Cant they just do 30 year and still pay it off early? Isnt 15 year always a higher rate? Or lower?

Yeah credit has to be perfect to get the advertised rate.

15 year mortgages are usually lower. Mine was about 0.5 percentage points lower than the equivalent 30 years when I took it out.

We could have taken out a 30 year and paid it off in 15 but then we'd have had a meaningfully higher interest rate and would have paid thousands if not tens of thousands more in interest over the life of the loan.

[nowhereman427]

Originally Posted by texasdiver

15 year mortgages are usually lower. Mine was about 0.5 percentage points lower than the equivalent 30 years when I took it out.

We could have taken out a 30 year and paid it off in 15 but then we'd have had a meaningfully higher interest rate and would have paid thousands if not tens of thousands more in interest over the life of the loan.

No penalty for pre-payment?

[jerzdevil]

I think I knew someone who didnt pay their 30 year loan early because of some tax reason. They had money in the bank to pay the whole loan in 1 day.

[nowhereman427]

Originally Posted by jerzdevil

I think I knew someone who didnt pay their 30 year loan early because of some tax reason. They had money in the bank to pay the whole loan in 1 day.

Could it have been that there was a penalty for pre-payment?