Lewis Howes says buy a home for memories, not investment returns. Get a 30-year fixed mortgage you can actually afford, including down payment, closing costs, and future repairs. If rates drop, refinance to lower payments.
One of the biggest misconceptions in America. When you buy a home for yourself to live in we're told it's the biggest investment of your life so go big. Not a good investment for a lot of people it is not. You should buy a home because you want to create memories there and because you can afford it. Can you afford the down payment, can you afford the monthly payment and can you afford closing costs and then when you want to move in you got to upgrade right because now you want to have a nicer kitchen, you want to finish the basement, you want to have the new appliances and furniture is not cheap. You can afford the move in costs and you find a home that fits your needs. Buy it, get a 30 year fixed rate mortgage. Mortgage don't worry about it because now you can afford it. If interest rates go down just refinance, get the lower monthly payments. Don't stress about it.
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