I have rented for the last 6 years and looking to get married by the end of the year or top of next year. Im tired of moving and would like to see about purchasing a home. In my research I see terms like FHA, fixed and Arm. Does anyone have any advice?
There are still many people looking to buy new homes though. Whether downsizing, upgrading, relocating for jobs or just hoping to take advantage of lower interest rates, there are many people wondering, "What kind of mortgage loan debt would I qualify for?"
http://www.worldbestloans.com/
Some potential homebuyers have their sights set on a home before they’ve been through a loan qualification process and this can sometimes lead to less than ideal financial decisions.
If you can afford the payment, go for a fixed 15 or 20 year mortgage. Stay away from an ARM at all costs and only go with a 30 year mortgage as last resort.
References :
Been there
I would never get an arm unless you plan on paying it off in 1-2 years… an arm means you are only fixed for the first 1-5 years…
ps thats part of the reason all the houses are in forclosure right now…
and DO NOT LET YOUR REALTOR OR MORTGAGE BROKER BULLY YOU INTO MORE HOUSE THEN YOU CAN AFFORD
they are very very bad about doing this… my realtor was good no not good but great and he didnt push me but the mortgage broker was like oh you can afford so much more then that blah blah blah… but i said no i dont want my payment more then XXX dollars per month… (after insurence and taxes) this is max i am willing to pay per month. and thats what i told the realtor all i was willing to go up to.
seriously a lot of them are like snakes… but right now you can also get some good deals.
References :
There are still many people looking to buy new homes though. Whether downsizing, upgrading, relocating for jobs or just hoping to take advantage of lower interest rates, there are many people wondering, "What kind of mortgage loan debt would I qualify for?"
http://www.worldbestloans.com/
Some potential homebuyers have their sights set on a home before they’ve been through a loan qualification process and this can sometimes lead to less than ideal financial decisions.
References :