Posts by Kyle Perez81

I guess I agree, it really just comes down to the individual.
The difference is roughly $33
100*12*24=28800/7.3=about $4,000
With Vienna, there’s this option—maybe taking out a new loan from any bank after, say, 12 years to pay off the old one, assuming the new rate is better. I don't really have that flexibility with a standard bank loan, where my principal might actually be higher than what I'd owe at Vienna, plus there are those early payoff fees.
I'll concede that once you factor everything in, Vienna's bridge loans end up being more expensive.
I'm curious, though—how are you all reading the direction of the country over the next decade? Is it worth making the "sacrifice"
A $4,000 difference?

When I first started looking for a mortgage:

A lady over at Wust mentioned an option for $60,000 over 24 years (that K60 bridge financing type)
monthly payments would be about $415 (including processing fees, fixed interest rates, and no prepayment penalties; it uses a level principal and interest split, so after 12 years, you'd still owe roughly $30,000, plus there's no requirement for fire or life insurance).

Then I went to JPMorgan Chase and the representative offered me a "standard mortgage"
$60,000 for 24 years with payments around $967, but she noted a 1% ($600) processing fee, a variable interest rate, and because you pay interest before principal, you'd still owe 65-70% of the balance after 12 years. On top of that, you have to pay for fire and life insurance, which is about $200 annually, and if you want to pay it off early, they charge a 1% fee on the remaining balance.

In both cases, I'm paying for the notary and the home appraisal.

I guess, which one makes more sense to you guys?