OldArmyCT said:

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A lot of people will tell you to get a 15 year mortgage instead of a 30. Don't. Get the 30 and overpay monthly like it's a 15 if you want but if your finances change you can easily lower you mortgage payment. If you're in a 15 you have that payment and may have trouble re-fi'ing into a 30.

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Only do a 30 right now because rates are crazy.

Refi into a 15 once rates comes down.

Refinancing into a 15 is a great decision once rates do down and you think you will stick around a few more years. I'm not going to miss my mortgage when my mine is gone in about 12 years (if we don't move first). We financed into a 15 and the payment barely went up with the better rate.

harleyds2 said:

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The problem with this thought is discipline. Though i agree with your statement. I'm a retired bank president and for every person that said they were going the route of getting a 30 and paying like it is a fifteen year mortgage and failed to do it would blow your mind. They don't have the discipline and decide they like the extra money instead

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We are on a 15 due to the rate we were able to get and us not planning on moving until our kids (9,7,& 4) are out of HS, but being able to pay a 30 like a 15 is much easier today that in the past, IMO. If I had to write out a check every month to send in to the mortgage company, it would be a lot harder than to go online and schedule a set additional to be drafted when the mortgage is. I stated earlier in this thread I wish I had gone with a 30 for the flexibility if one of life's curveball's is thrown at us, but I would have set the payment up to what our 15 is.

I think many on this board do not understand how much being debt free means to some. I'm certainly one of the latter, and when my house is paid off in just over 11 years, I'm going to feel much better than if I had an extra $200k in the bank. We understand there's opportunity cost associated with paying off a mortgage early (or not having one), but some things just don't have a price.

My FIL is a lot like me, and not having a mortgage has allowed him to buy out his siblings to become the sole owner of their parent's farmland (~1100 acres) in middle America. That brings the total family farm (between his and my MIL's parent's land) to ~4k acres. That farmland, outside of it's value, is producing income for generations.

Avoid PMI

Find the balance of high-quality and space, and not over-buying

Stay at least 5 years, though 10 is better

If you can afford it, get a 15 year and pay aggressively

The 30 and pay extra for flexibility sounds nice - except you'll need the forced discipline. Value most this asset, and not opportunity cost of other investments. Why? Because you live in TX (correct?) - this is the context that matters most - our values, on the average, will not decrease.

Overextend here as much as possible.