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beware of ARM's
Posted by TimBrown (more from TimBrown) on Fri, 6 Jul 2007 12:17:56
In Reply to: Buying first house - mortgage reccomendation?, Liam, Thu, 5 Jul 2007 16:49:10
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look at the recent stories of foreclosures as ARM's sold to low income buyers wioed them out when the rates went up (and where will they go from what they are today but up). Remember, a bunch of years ago you would have been happy to pay 12%.
Also, buy title insurance in your own favor as well as in favor of the bank, so that if you pay off the loan you will still have the insurance. Should be a package price.
As a lawyer who does no real estate, I've done my own closings-the bank lawyer does most of the work for you, but consider a lawyer if you are not savvy on the subject or willing to do some reading. In NY, the seller does the contract, and may leave out contingencies like adjustments or cancellation base don inspection, etc.
posted by 141.157.22...
Posts in this Thread:
- Buying first house - mortgage reccomendation?, Liam, Thu, 5 Jul 2007 16:49:10
- beware of ARM's, TimBrown, Fri, 6 Jul 2007 12:17:56 <-- Viewing This Message
- Re: Buying first house - mortgage reccomendation?, dave24 , Fri, 6 Jul 2007 04:28:27
- Be sure to plan the mortgage payment about $400 higher, Jeff Cunningham, Thu, 5 Jul 2007 19:30:17
- Re: Buying first house - mortgage reccomendation?, pokeyjoe , Thu, 5 Jul 2007 17:18:05
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