Taking the plunge!

[Yanksfan396]

Looking into buying a house. I may be young (21), but I'm definitely ready. Any advice from current home owners?

[OnePimpTiger]

Right now, you can find great deals on forclosed and distressed properties. As an investment, I would definitely look into that. Also, as a general rule any time, but now more than ever, go with a fixed rate...don't be a sucker and go for the variable rate mortgage. And as with anything, research, research, research. Finally, as someone who has had a house on the market for two years, let me just say this: make sure it has a garage.

Good luck, buying a home is always exciting, nerve-racking, frightening, and satisfying all at once.

[Yanksfan396]

Right now, you can find great deals on forclosed and distressed properties. As an investment, I would definitely look into that. Also, as a general rule any time, but now more than ever, go with a fixed rate...don't be a sucker and go for the variable rate mortgage. And as with anything, research, research, research. Finally, as someone who has had a house on the market for two years, let me just say this: make sure it has a garage.
Good luck, buying a home is always exciting, nerve-racking, frightening, and satisfying all at once.

Thanks, buddy. Yeah, I don't want to take a gamble on a variable rate, as tempting as it may be. Is 10% down customary?

[HIJACK12]

Good luck bro! It's definately a buyers market right now.

[OnePimpTiger]

Thanks, buddy. Yeah, I don't want to take a gamble on a variable rate, as tempting as it may be. Is 10% down customary?

Right now a variable rate is the worst thing you could do though. When rates were high, variable would get you a cheaper rate with a better chance of them not going up. Now, rates are so low, the only place to go is up. So you save a little bit now, but the odds are you'll be paying a lot more on down the line.

I'm not sure what the customary down payment is...we did an 80/20 full finance on ours. If you do that, just be sure you plan on being there a while...it takes a long time to build any kind of equity if the whole thing is financed.

[Aikman_TheGreat]

Buy now. But only what you know you can afford, and still afford for awhile if something happens to your job. 3 months after i baught mine my job slowed down a ton, but I have enough saved up that I'm not worried.

But now is for sure the time to buy. Also, it might be a good idea to bring someone who knows more than you about this stuff, like I brought my dad.

[Yanksfan396]

I have pretty good job security, and a decent income. I'm assuming the stay would be long-term. If not, I'd still like to be on a 10-yr loan. Also, is it better to be married when purchasing a house? My girlfriend is still in school for another year, then she'll be teaching. I may want to wait, just in case she needs to relocate.

[Aikman_TheGreat]

I would assume it would be better to be married, but I really dont know. Also, Obama has passed some new-homebuyer thing where they get extra money. I should be able to qualify this year, since i bought it Jan 4th. If you got a 10 year loan your payments would be pretty high, right? Mine is 30 year, and my payments are pretty high.

[Yanksfan396]

About $1500/month, I figure. I guess I could do a 15-20 yr if I get into it early, right?

[angel0430]

I bought my house when I was 20. My best advice would be: don;t rush it. The market is perfect to buy a house, so look around and make sure you are buying a good house for a good price. Look around the neighborhood and make a research of the real value of those houses, that way you don't end up paying more for it. Also, this will help for future value.