Reply #3: I know I likely will get flamed for this but personally I think

[Statistical]

The only legal mortgage should be:
* at least 10%+ down (20% strongly encouraged via PMI and 0.5% higher rate)
* solid credit history for at least previous 3 years
* 30 yr fixed (or 15 yr fixed even though there is really no need simply make larger payment),
* all closing costs paid either by seller or buyer (no rolling closing costs into loan)
* escrow account required

The lenders shouldn't be allowed to hide & add fees. All their fees should be marked as LENDER FEE period. Right now some places use lender fee, some use individualized fee (mailing fee, filing fee, application fee, fee processing fee, etc). Obviously true 3rd party fees could be broken out (apraisal, home inspection).

Thus comparing loans would be very easy.

Lender A.
5.75% w/ $2000 in fees (plus 3rd party fees)

Lender B
6.00% w/ $800 in fees (plus 3rd party fees)


Boring banking. You know what existed for 80+ years without a problem.

Oh to answer your question 1 (well 2 if you consider refinance). Years ago we planned to eventually move to something bigger with nicer neighborhood & yard (2000 - 2500 sq ft, $350,000+). Despite stable jobs as time goes by I find it less and less compelling. Might live here my whole life.