I would go with the way you were going to go. That is the smarter choice. Do not take his advise.

Right now there is way to much uncertainty and risk with the market I would shy away. You can always do two loans, 80% and 20% to avoid the PMI. Remember not to spend all your savings in case of a short fall. Rates are quite low now and you’ll save a lot in interest going with the 15 yr. All depends on your cash flow. 30yr will give you a lower payment but you pay more in interest. As you have 19k in savings I presume you have no other debt?

The “best” investment to make these days is to pay down debt or to not assume debt. Putting down a larger down payment means you have less of a chance of becoming upside down. Taking a 15 year mortgage gives you a lower interest rate. If you can swing it, I suggest you do it. As far as investing. Talk to anybody in the market over the past year or two. Go with the 20% down 15 year mortgage. Good luck.

Put 20% down please and if you can more than that….cause buying home is the best option right now….Why would you want to pay more in interest rates…put 20% down get over with it in 15yrs with low interest rate….As you know coming years of Democrats…will boost up the economy and will appreciate the actual paid cost of ur house….
your thinking basically is good:)

Ask for an amortization table for each of the types. You’ll be appalled to discover how much more you’ll pay in total interest with the 30-year option. It’ll be like buying the house and paying for it 3 or 4 times.