At 6pm I'll be heading over to the Chase Mortgage office to strike a deal for a $250,000 mortgage. Yes this is scary. I am pretty much trading my $150,000 debt and a condo for a $250,000 debt and a house in return. I don't like the idea of getting deeper into debt, I'd rather pay off the mortgage but we've decided to move while the housing prices are considerable lower. We are looking to secure a 30 year fixed rate mortgage with a decent interest rate, now seems to be a good time. If interest rates drop by 1% we'll refinance, and hopefully by paying a little extra principal each month we can eat away at the mortgage. My goal is to have it payed off in 20years.