When I bought my house I was also asked what kind of mortgage I was seeking, I said I will stick with the 30 year fixed-no ifs, buts, ands or maybes. Simple and Straight 30 year fixed rate. I don’t know what people were thinking when they went overboard with buying the houses they could have ill afford in the first place. If you need help even in scraping up a simple 5 or 10 percent down payment and closing costs, then it is better to rent and leave all the hassle of owning(mortgaging) the house to other people.
When you have the money and the will to accept that responsibility then you could go ahead and visit this American dream.
Since this housing crisis, lending for housing has gotten much tighter with myriad requirements and many hassles. Well it was bound to happen when you get drunk and get a hangover you get a big headache and try to correct what you have done during that state of mind. So now this hangover will last a lot while longer than many economists and experts are saying. Remember these were the same experts who were saying that housing prices historically has not gone down in the past so what ever time frame these experts tell you or say it, just be prepared to add at least 2 years to it. Since in the future you don’t know if you would be alive to bask in the glory of your prediction or bow your head down in shame for have that awfully wrongful prediction, so just keep in the mind that instead of following blindly the path of Financial experts, try to spend sometime looking at your expenses and figure out if you are likely to be a home owner in the future. It is not that hard, I believe everybody has a mind and a brain to think and budget their expenses and see what is good for them. Remember, every time the real estate agent sells or the broker or deal buys on behalf of you or sells on behalf of you, there is their commission also. So you better be prepared to look after your interests since nobody is best capable to look after you than you yourself.
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