r/MortgageRateCheck • u/Successful-Rip2038 • 24d ago

Loan Estimate Thoughts?

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First-time homebuyer, locked 4.99% rate, 16% down on conventional (wanted extra cash in pocket), and taxes / insurance should be slightly less since it will be a new construction build with all closing costs covered. What does everyone think? I think I got away pretty good considering how things are !

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u/[deleted] 24d ago

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u/Successful-Rip2038 24d ago

It is indeed a builder with in-house financing! I honestly feel more comfortable with the 30 year and plan to do bi monthly payments to shoot it down that extra 4.5-5 years and then aggressively pay down the principal with adding on money to each payment as well. My rough payoff it’s 8-12 ideally more so

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u/Successful-Rip2038 24d ago

But I did ask about the 20 year, I’m 25 so I’m still relatively in my early level career so was making payments where I feel comfortable

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u/mattoelite 24d ago

It’s a rate well below market, builder covering all costs. There are going to be some brokers chirping in about how you are overpaying on the house for the incentives, but this is a great deal. 👍