Posted on: 07th Feb, 2009 08:49 pm
Hi. I am buying a house and want to know which loan program best suits me.
I am buying $650,000 townhouse in MD and putting a downpayment of $40,000. Credit score is above 760.
thank you
I am buying $650,000 townhouse in MD and putting a downpayment of $40,000. Credit score is above 760.
thank you
Take advantage of online mortgage tools that will help you decide what mortgage works best for you. Many online tools provide an online payment calculator, loan adviser, and an amortization schedule to quickly calculate your principal and interest payment.
Lastly and most importantly, calculate how much you can afford. Make sure you add extra for bills, insurances, increase in taxes and life expenses. Unfortunately, many people get into trouble when they dont calculate this in with the final budget.
Lastly and most importantly, calculate how much you can afford. Make sure you add extra for bills, insurances, increase in taxes and life expenses. Unfortunately, many people get into trouble when they dont calculate this in with the final budget.
ARM vs. Fixed. How long are you staying in the home? If you plan on being in 5 years or less, then an ARM will get you into a lesser interest rate, but not by much. A fixed rate you are at much less of a risk.
ALWAYS go conventional if you can. FHA is only for people who have lower income, low money down, etc.
ALWAYS go conventional if you can. FHA is only for people who have lower income, low money down, etc.