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Thread: Mortgage Decision Mess

  1. #1
    Junior Member
    Join Date
    Mar 2012
    Posts
    3

    Exclamation Mortgage Decision Mess

    I will be retiring in 2 years with very limited funds so the bottom line is to make the best use of my limited funds.

    Will be retiring completely debt free as far as Credit Card liabilities......just a $180000.00 mortgage which is coming up for renewal.

    I have a choice of 2.75 percent...closed for a 1 year term.......or.......

    10 year mortgage...closed...at 3.88 percent

    Should I try to take advantage of the lower interest charges with the 2.75 ..or lock in for 10 years so at least I will know my mortgage payment won't rise as the interest rate rises are coming soon.



    Any advise would be greatly appreciated


  2. #2
    Senior Member
    Join Date
    Mar 2012
    Posts
    885
    Well, if I were just about to retire, I think I'd like my expenses to be fixed for the long term. 3.88 for 10 years seems to be a pretty good deal...
    I'm not JustAGuy (without spaces).

  3. #3
    Senior Member
    Join Date
    Jul 2011
    Posts
    141
    I would lock in, it's a decent rate. I honestly don't think rates can get any lower, which means you would be betting on rates staying the same for a long time. I can't see that happening.

  4. #4
    Junior Member
    Join Date
    Feb 2012
    Posts
    25
    I guess it's better to go for the long term...


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