On a side note, a 30 year mortgage is not always the best decision if you think your likely to move in 7 years or less. Is it conservative to pay an extra 30-50 basis points per month in interest monthly today, to lock a loan that your not likely to use later on?
People move more often now, especially younger people who live out of state, have aging parents, have siblings having kids, starting new relationship, ending relationship, have kids themselves, job location changes, general upward mobility changes, etc.
Trust me when I tell you this as my West Town buyers are calling me up all the time in 3-6 years to sell and then buy. The world has changed and people do not stay with one company for their whole career.
My Dad was an Accountant and he taught me to believe that the 30 year loan was the only credible product. However, there is nothing wrong with a 7 year ARM (adjustable rate mortgage) which has the interest rate fixed for 7 years and the principal is paid back over 30. Do not conflate stated income “liar” loans or sub prime loans, with a very reputable 7 year ARM.