4.375% mortgage. f'k yeah!

[hellorhih2o]

Alrighty.....I'm financing a 330K house, but have the 20% to put down to avoid the PMI. I plan on living in this house for a very long time. Any recommendations?

you can always take out a second loan to avoid PMI. I've never done it but I've got a feeling FreakMonster can explain...

 

[FreakMonster]

Alrighty.....I'm financing a 330K house, but have the 20% to put down to avoid the PMI. I plan on living in this house for a very long time. Any recommendations?

You can do a 80/20 to avoid PMI if you want to finance the whole amount. But if you have the $66,000 to put down than that's fine. You also have to remember that you have to have a little extra money for closing costs that can range from $2000-$6000.
If your going to live in that house for a long time than I'd go with the 30 yr. fixed. If you want a lower rate and take more risk then I would go with a 5/25 or a 7/23. Basically it's a fixed rate for 5/7 yrs and then you have to reapply to refinance to get a fixed rate for the remaining 23/25 yrs. When you refinance at that time it will depend on the market rate on what rate you will be getting so you can end up with a lower rate than what you had the previous yrs or it could be a higher rate.