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Re: Buying first house - mortgage reccomendation?
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Posted by Bill Homer [Email] (#3427) [Profile/Gallery] (more from Bill Homer) on Thu, 5 Jul 2007 21:46:06 Share Post by Email
In Reply to: Re: Buying first house - mortgage reccomendation?, pokeyjoe [Profile/Gallery] , Thu, 5 Jul 2007 17:18:05
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I don't know where yu live, but here in the Chicago area you need a lawyer primarily to sort out the tax issues and the lender required escrows. You might also run into some issues, i.e. find that the house is infested with mold during the inspection, etc. - nice to know that you are protected. Not sure where Pokeyjoe lives and how he avoided this, but more power to him.

I agree that you will probably not stay in your house for the next 30 years - the average American moves approximately every five (not sure if this includes renters, but I have seen this statistic). As such, it is not worth paying a premium for a 30-year fixed mortgage. I opted for a 7/1 ARM, which still came out better for my projected 10-year stay in this house. Find a good mortage broker by asking for referrals. And try not to pay PMI!!!

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