All Forum Posts by: Cory Howes

Thank you for your input. It is very much appreciated.

We are planing on living in the house while fixing it up. Homes are cheap in the area (Upper Peninsula of Michigan), and we feel like this house is a good investment because it is in a good neighborhood, close to downtown and a University. Most of the updates needed are cosmetic, new furnace and hot water heater. Roof is about 10 years old. Local bank will lend the money for under 50k mortgage.

Hello Bigger Pockets,

My husband and I are in the process of deciding between a 15 year vs. 30 year loan for a $48,000 house. Interest rates for 15 year are 3.0% and 3.75% for 30 year loan. We plan on fixing up the house and reselling within 5 years after I am done with graduate school.

The difference between mortgage payments is only $100/ month. In other forums it seems as though everyone is quick to suggest the 30 year loan, just wondering if anyone had any thoughts on our circumstance.

Thank you.