Everyone has a payment budget. You MUST think strategically!
How long you plan to stay in your home can play an important role in your home buying strategy. For example, if you plan to be in you home 5-7-10 years, an adjustable rate mortgage could provide $59,000 more loan with same payment when compared to a 30 year fixed loan.
Buying soon while rates are lower could be advantageous too! If rates were to increase 0.50%, you could lose about $37,000 in loan amount assuming the same payment.
Want a professional to assist with a strategy for your home loan? Give me a call.
Clay Selland, President
Signet Mortgage Corporation