I'd take the longer mortgage, then every month, put extra money toward the balance. I think it works out better than taking the shorter term mortgage (but of course, you have to commit to putting the extra towards the principal monthly).
Snow I am super happy for you! Nice you got a prompt response-- we bid on a short sale in 2009 and we waited 5 months with no response from the bank! Finally just killed the deal.
Like others said, if you are "meh" about it you don't have to go through with it.... follow your gut instinct. But it does look adorable, the price is great, and gosh with the state of the boarding situation here in WNY.... it will be nice for you to have your horses at home!
We couldn't all be cowboys, so some of us are clowns.
I went to the bank and spoke to my financial adviser and the mortgage officer and I think what the plan is that I'll put 20% down and do a 15 year mortgage. My monthly mortgage payments will still be less than $400 a month and it's a whole lot less daunting than a 30 year note. That makes me feel so much better about the whole situation.
My father is a retired structural engineer who did custom home building, my brother has his licenses in plumbing and electric, and my friend is an architect. They've all been through the house with me. They've all given it the thumbs up. What minor problems there were, we can fix ourselves. A hired home inspector is not necessary in my world.