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I want to buy a house. My loan amount is about $150,000.00. I went to TCF Bank and I was offered 3.5% adjustable rate or 5.59% fixed rate. If I’ll take the 3.5% rate my payment on 30-year mortgage is $673.60 a month, when I’ll go with 5.59% that’s $860.24 a month on 30-year mortgage, plus on the 5.59% I have to pay $4,500 finance charge, on the 3.5% there is no finance charge. I wanted to go with 3.5% mortgage, but I heard some bad stories about the adjustable mortgages, like they will skyrocket my interest. One factor – I think I will be able to pay of the mortgage much sooner, like in 15 years, I just want to go with 30 years so my payments are lower, just in case something happens. Did anybody had a experience with TCF bank and their mortgages. Thank you.
The 3.5% rate is adjusted once a year. I’m not paying any points. Why there is finance charge on one of them and no finance charge on the other, I have no idea. I’m already approved.
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