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| Yes I understand all of that. I probably did not explain it correctly. Term of the loan is 30 years. What I have to choose is the RATE LOCK for 15 or 30. Half of the loan is at these rates and the total financed would average 3.7 %. I have looked at the added cost and am capable of figuring that. Basically we are trying to predict the financial environment in 15 years. My wife works at a different bank and they said they have never heard of locking a rate for 30 years and especially at that low and to get all over it. I already called the bank back and said I changed my mind from the 15 and took the 30 year rate. I went to 5 banks and these are the best rates offered around here. I suppose that is why our land price is much lower than where you guys are at. | |
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Lock interest for 15 or 30 years ??
