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Post by paindahustla on Jan 22, 2008 18:36:58 GMT -5
Sooooo...since they are cutting interest rates on houses.
Should this be the best time to go buy a house?
Also, is a fixed mortgage rate the best way to go?
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Post by Southie on Jan 22, 2008 18:38:16 GMT -5
Pay attention to the terms of the loan. This is one of the reasons why people got into trouble...after five years the rate doubled and they were unable to pay.
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Post by Gee-Are on Jan 22, 2008 18:41:46 GMT -5
Best time is always relative...
Do you have enough cash to buy a house. You can possibly find a zero down loan - it's tougher nowadays, but people often forget moving costs, turning on utilities, increased bills, etc.
Also it appears that even more foreclosures are about to flood the market, further driving market prices down and could be a better time to buy if you wait.
However, if you want a house, and you have the cash, and you have a great loan with great terms, the best time to buy IS now.
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Post by mos06def on Jan 22, 2008 18:43:32 GMT -5
ah...i'll be right back on this one
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Post by paindahustla on Jan 22, 2008 18:52:03 GMT -5
i don't have any loot.
hopefully i can buy one within the next two years.
I am looking into a teacher certification. Teachers and police officers get their houses for 50% off.
That's what I need!
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Post by Worthy Most Ancient Matron on Jan 22, 2008 21:58:39 GMT -5
I agree with Ghost. Don't buy just for the sake of buying if you are not ready for all the things that go along with homeownership. I could type all day because I teach first time homebuyers.
Let me caution you regarding the Teacher Next Door Program. The homes available are oftentimes not in the most desired areas. Many of those HUD homes have sat and sat and sat and are in 'distressed' zip codes. But if you can tough it out there the required number of years (recapture period), you 'may' be able to have a nice investment property. I said 'may' LOL
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Bigs
OOA pledge
Posts: 236
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Post by Bigs on Jan 22, 2008 22:52:13 GMT -5
Closing next Thursday.....
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Post by Gee-Are on Jan 22, 2008 22:55:06 GMT -5
Congrats
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Post by FULLOFME on Jan 22, 2008 23:01:14 GMT -5
congratulations smooth with your cheap ass...
(see Valentine's Day thread to understand the comment)
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Bigs
OOA pledge
Posts: 236
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Post by Bigs on Jan 23, 2008 8:28:07 GMT -5
congratulations smooth with your cheap ass... (see Valentine's Day thread to understand the comment) She's getting a brand new house (new construction), new living room furniture, and a new bedroom suite....... GTFOH |
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Post by Southie on Jan 23, 2008 8:34:21 GMT -5
Also look at how long you would have to pay the principal, this is the just one part of the loan that has its own terms.
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Post by Alc 06 on Jan 23, 2008 8:45:35 GMT -5
Be wary of loans that get too "creative". A lot of times, the more creative they try to get, the more B.S. gets mixed up in the terms. I just took a 30 year fixed FHA on my house and called it a day. Did the same on my investment property
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Post by BKupInHere on Jan 23, 2008 16:10:52 GMT -5
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Post by Worthy Most Ancient Matron on Jan 23, 2008 19:51:19 GMT -5
LMAO@BKUP LOL
Congratulations Smooth
I always advise clients to stick with either and FHA or Conventional (PRIME) mortgage product with a fixed rate. You can always send in one extra payment per year and have your mortgage reduced from a 30 year mortgage to a 22 1/2 year mortgage.
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