Hey everyone… I’m currently looking at a housing loan with a 1.5% interest rate from my company, but I’m worried about being stuck with them for 30 years. I’m planning to leave in about 3-5 years. Do you think it’s worth changing jobs if I have to refinance at 3% later? I heard it’s better to go with the 30-year option, but I don’t really get why… any insights?
Honestly, I think it’s a tricky situation… What are the repayment terms if you leave your job? Do you have a grace period?
Jamie said:
Honestly, I think it’s a tricky situation… What are the repayment terms if you leave your job? Do you have a grace period?
Yeah, I’m curious too. And FYI, I’ve heard a lot about 3% rates lately.
I think if your rate just jumps to the normal rate after leaving, you might wanna stick with the 1.5%. Just be ready for the higher rate later. Have you thought about negotiating a cash option instead of that low rate?
@Corey
That’s a good point… But what do you mean by negotiating cash?
Quade said:
@Corey
That’s a good point… But what do you mean by negotiating cash?
Oh, I meant seeing if you could get some cash compensation when you leave instead of sticking to that 1.5% loan. Just a thought!
I’m a bit skeptical too… Are you sure they really offer 1.5%? That sounds super low. They might be talking about points instead?
Alden said:
I’m a bit skeptical too… Are you sure they really offer 1.5%? That sounds super low. They might be talking about points instead?
I get what you mean… It is confusing. I think they’re just set on 1.5% for now, but yeah, I could be misunderstanding.
Dude, if you’re getting a good deal at 1.5%, take it! You can always deal with refinancing later.
Parker said:
Dude, if you’re getting a good deal at 1.5%, take it! You can always deal with refinancing later.
That’s what I was thinking… Just worried about the long-term commitment.
Honestly, if it’s 1.5% now, jump on it! Just plan for that 3% later if you leave. It’s way better than paying more upfront.