Nords remembered well about me being in the military. Well, that is no longer since the official sepration last month so the wife and I have settled back in the US. Where? It doesn't matter, I don't need any razzing on where we moved to, but I do have a serious question about mortgages, considering this is our first purchase of this magnitude.
We haven't found the house yet, but let's just use the number $350,000. For a 30 year fixed, would you:
a) conventional putting 20% down and get an APR of 6.07% (today's rate #s)
OR
b) 100% financing and get an APR of 6.467% (also today's rate)
This is from Navy Federal - navyfcu.org. Option B is like a VA loan but in-house. There would be a funding fee of 1.5% of the loan that would go on top of the loan but could be added into the loan.
My gut tells me to go with B. Why give up 70K in one pop if I don't have to? Plus, I could make extra payments on the principal whenever I please.
If you need more financial info, I will give it (to a certain degree)
eyetri2
We haven't found the house yet, but let's just use the number $350,000. For a 30 year fixed, would you:
a) conventional putting 20% down and get an APR of 6.07% (today's rate #s)
OR
b) 100% financing and get an APR of 6.467% (also today's rate)
This is from Navy Federal - navyfcu.org. Option B is like a VA loan but in-house. There would be a funding fee of 1.5% of the loan that would go on top of the loan but could be added into the loan.
My gut tells me to go with B. Why give up 70K in one pop if I don't have to? Plus, I could make extra payments on the principal whenever I please.
If you need more financial info, I will give it (to a certain degree)
eyetri2