Buying a house?

[princesscat]

I've been doing tonssss of research lately on buying a house.  Matt and I are hoping to move sooner than later, I'm thinking a year or less.  So far we have been budgeting and saving, and so far we have 50%-60% of the amount I'd like to have for a down payment.  Its so scary though, there is so much to consider with 15 or 30 year loans and 80-20

Comments

[lupeacecraft]

That's a smart move to do a down payment rather than none at all. To avoid PMI (Private Mortgage Insurance) you want to put down at least 20% of the value down. I'm not 100% sure that getting a low interest rate has everything to do with credit rating. Since Mark works in the mortgage industry as a loan consultant there's usually other factors involved such as how many points are you willing to pay, down-payment and whether your to debt to income ratio is too high (actually if your debt to income ratio) is too high you wouldn't be able to get a mortgage but that shouldn't be an issue unless you have like over $10,000 in credit card balances and what not

[princesscat]

thanks for all the advice! yeah i definatly would want to put down as much as possible for a downpayment, and i would overypay every mortgage payment as much as i could to keep as low as an interest rate as possible. thats cool mark is involved in that, it eases my mind to know i have people around to consult.

i have sort of looked around websites for foreclosures but it just seems like it would be a bigger hassle and you would end up settling for a house you werent totally in love with... but im willing to keep my options open.