Re: About to buy a house
- don't get a 30 year fixed
- get interest only if possible; talk to a broker about it
- there are a lot of good mortgage programs for financing over 80% without having to pay PMI
- have the seller pay 3% of the price to closing costs. this will raise the purchase price and amount financed, but save you money out of pocket
- ignore the guy that said mortgage debt is bad
- think about how long you're going to be in the house when deciding on mortgage terms. less than 5 years? do a 5/1 ARM
- even if you will be in the house for a million years, you'll probably refinance every few years to shorten your term, get cash out, or take advantage of rate changes
- try not to use a realtor, you'll pay too much
- definitely get an inspection...walk around with the inspector while he looks
- my favorite loan program is the interest only 1st position HELOC from countrywide (FlexSaver). finance up to 95% with no PMI. interest only at prime rate.
i'm about to buy my 5th house. i have 3 rentals and the house that i live in, which will become a rental as soon as i close on the new place. my fiance has been a mortgage processor, underwriter, and loan officer.
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