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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Take out a 30Y and pay down extra principal every month (akin to a 20Y loan).

This gives you extra breathing room in case you ever need to pay the minimum due to job loss, a serious illness, etc. Plus you'll reduce your lifetime interest expense at these awful rates.[/quote]

Good lord.  Lemme guess, you're younger than 40?  [/quote]

Huh? I'm not the PP, but I've also heard and read this same advice from multiple sources and it makes logical sense. Get the 30, pay extra on the principal with each payment.[/quote]

Sorry - I meant to bold "awful interest rates" - anyone who thinks these rates are "awful" has limited experience/historical perspective.  [/quote]

Not really, well aware they were very high awhile ago, but the relative cost of the home itself was also much cheaper and inventory was greater. Until housing prices fall substantially to help balance out the hit people are taking to own a home at these prices, yes, the interest rates are "awful"[/quote]

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