stephenson
Thinks s/he gets paid by the post
- Joined
- Jul 3, 2009
- Messages
- 1,610
My single, very mature (no debt, drives a 15 year old car) 24 yr old son just got out of grad school and started working in his dream job - he's a musician and plays with the Atlanta Symphony. He is very thrifty (always a good thing for a musician), is very "promotable" (could move from Atlanta to other orchestras as he gets older), and quite handy at most anything from construction to car repair - again, all good things if you are a musician.
Since he needs to practice at home he decided he wanted a house vice an apartment. And, since his income level puts him in a pretty high bracket the advantages of mortgage interest and property tax deductions appeal to him. After two months of getting to know the area, getting to understand traffic patterns and neighborhoods, he's found a house and seller and buyer have agreed on price. While the mortgage broker is having a harder than normal time getting him approved since he has nearly zero credit history, his income level is working in his favor, and she beleves she will be able to work it. All OK so far and he's learned a LOT.
The last thing I have asked him to research is whether he wants a 30 yr or 15 year mortgage. I provided all the background info to help anyone who would like to comment - which would you recommend, and why - given his circumstances?
Thanks in advance!
Since he needs to practice at home he decided he wanted a house vice an apartment. And, since his income level puts him in a pretty high bracket the advantages of mortgage interest and property tax deductions appeal to him. After two months of getting to know the area, getting to understand traffic patterns and neighborhoods, he's found a house and seller and buyer have agreed on price. While the mortgage broker is having a harder than normal time getting him approved since he has nearly zero credit history, his income level is working in his favor, and she beleves she will be able to work it. All OK so far and he's learned a LOT.
The last thing I have asked him to research is whether he wants a 30 yr or 15 year mortgage. I provided all the background info to help anyone who would like to comment - which would you recommend, and why - given his circumstances?
Thanks in advance!