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Some of -- take a look at the interest rate on fifteen year fixed rate mortgages all time low two point 97%.
Now that's enticing a little bit lot of people refinance and try to pay off their mortgages and half the conventional study -- time -- on a second.
May not be a great idea so says this man is joining us today at -- Streisand with -- national bank.
Finally let's deal with the fifteen year fixed rate mortgages.
You say do not refi into a fifteen year fixed even though it's an all time low right.
Make -- case.
First of -- it's expensive.
Second of all there alternatives the alternatives over five or seven or ten year adjustable.
Rate would be -- probably the same as the fifteen year but to be amortized over thirty year period time.
Most people I think that the fifteen years attractive because it's on the reach -- -- of the the amount to -- -- if not the cost is very excessive.
-- -- what would you say the cost is very excess it will come giving example -- 24/7 to 4171000.
Dollar mortgage -- a fifteen year programs thousand dollars more per month.
Then -- thirty affects most people over near homes anywhere from five to ten years the basis for the fifteen year program is a is they get tenure.
All right -- so you'll compared to fifteen year fixed to the thirtieth yes I'm not a good relationship that director of the better than that comes in their cost a cut now use.
Fall -- to get into what a fine view a five year adjustable seven year adjustable what's the right I'll find you just to enhance.
Two and a half percent and so you can -- in two and a half percent.
For it for five years fixed and then there are limits on how high it can go after five years that's correct -- one -- that's about a deal.
-- was what happens that most people will refinance mortgage and anywhere from five to ten years.
So that up okay so they're not going to be in that moment -- be your mortgage to the point wet it's refinance -- quickly -- -- is adjusted upward.
It's also happens -- fifteen years is the most expensive and probably the least conservative mortgage that there -- although it seems if it's it's the safest.
People if let's let's take the situation of someone.
Problem right what are they gonna do with that point didn't have very expensive mortgage.
And they could have had less expensive -- OK now do you agree that home prices are still falling it depends on location I understand that but through much of the country home -- still edging down.
And mortgage rates are still edging down so I would death was saying maybe waited a couple of weeks what he -- -- a I think it depends upon your individual circumstances around the time just so good right now than if you're not divine mode you should be.
Not in a violent you should.
I can't think of another time when -- was so affordable.
Rates -- -- solo I mean I can't imagine I.
I think I think it has a much greater -- That the problems much greater that -- whole political environment that's their right -- dictating you know what people are doing people -- Nobody is secure with their jobs so what to -- I just got -- of this two and a half a -- on five year adjustable that's your right right.
Yes you realize that two weeks ago I -- tied to mortgages on a five year adjustable at two point 8% -- come to you.
I could -- got two and a half percent.
-- and one in the -- worth two in the bush.
Those -- get fifty ploy to come back considers those accidents stuff we appreciate your advice that -- -- there's --
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