First time home buyer, putting down 150k, and borrow the rest for a 300-350k condo. I want to pay this off <10 year... best type of mortgage deal for this? Current salary $85k, 720 credit rating

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Get a 30 year loan with a low interest rate. Put 20% down and then overpay. No need to put the entire 150 down.

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I've been investing in real estate for a while, and I subscribe to the notion that the 30 year mortgage is your best friend. Unless your parents dictated that the $150K goes straight into the condo, I would put down 20% (~75K) and then buy one or two investment properties as well.

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It is too much debt for your current salary in my opinion. Can you find something less expensive? My rule of thumb is no more than 2x annual salary, maybe 2.5x tops. Just don't want you to be over extended.

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15 or 30 year fixed and pay off early. Each month pay extra towards principal.

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A1- share the burner. In SEA as well.

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OP and A3 - sorry for the delay. Burner is burnertime1227@gmail.com.

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Windfall from parents for the down pmt. talked to some banks but they keep talking about 30 yr. loans... would be great if you guys could provide some insight into mortgages before I go talk with the mortgage reps again. Thanks!!

Get a 30 yr lock in the lowest rate...pay 20% down. You will need to ensure that after expenses you can pay the mortgage, taxes and insurance. Adjust the term and down payment to balance the monthly income and expense. Invest the remainder amount $75K so that the corpus grows...make additional principal payments every month or quarter to pay off the loan in 10 years. You can use income from salary or the invested money for additional principal payments.

All comments here are solid. With interest rates so low and your level of income you should do 30 Yr. So many tax benefits.

Thank you everyone! I live in Seattle and I’m looking for a 2 bedroom - prices aren’t friendly... but I’m most likely gonna look for a roommate to share so I can collect rent. And I heard that the more you put down, the better your mortgage rate would be?? Most likely gonna buy a second house later and don’t wanna be paying for this one when that happens. Are there any penalties to paying off the principal earlier than 30 yrs?

OP - was recently in similar position. Ended up putting 25% down to get better 30yr rate, plus I wanted to reduce my monthly+HOA/taxes/etc. down so in the event I want tor rent it out (1br), I’d be able to do so at market rate and at least break even

OP - I also live in Seattle and have been buying property here for a while. I just bought a 2 bedroom condo myself, and am employing the very strategy you just laid out. My investment partner is also a real estate agent, and could definitely help you out. Interested in connecting offline?

Pentagon Federal 15yr. Great rates

No penalty for early payment

See if you can fit the 15 year mortgage in your budget, and do extra payments every other month and you should be able to pay it in 10 years.

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