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I recently realized that my finances were in good enough shape that I could buy my first house, and was planning on about a year. I wanted to save up some more money, and let my AaofA and stuff mature a little more. But my boss, a real estate attorney, whose advice I trust, is telling me that's too long -- that I should buy before the end of the year, because I'll never get another mortgage rate as low as the rates right now, and the rates will go up after the election.
Now I don't know what to do -- I thought I would have more time to decide on what I want (or what I can stand in my price range--a very difficult decision for me). If I wait, I could get more house (not bigger--I really want something with income potential), and if I do it now, I'd have to take a loan from my 401K, which I didn't want to do. I'd have to go with a 3% down conventional or a 3.5% FHA.
I'd like you guys' take on this. FYI, my current FICO scores from this site are 736 and 737 and my reports are clean. 3 active credit cards and one store card, but I pay them off every month so no debt, but a car loan with a balance of around $7000 right now; income of $50,000/year. My weakest point is the AaofA which is only a few years (not sure exactly off the top of my head. Newest card is an AMEX which I took out in June (was hoping for a bit more seasoning on this one before applying).
Sounds to me with what you have listed here you should not have an issue getting a mortgage.
sure, but should I ignore this advice and stick to my original timeline?
looks like the feds are determined to keep mortgage rates low for a few more years--good news I think
@Cloudlb wrote:sure, but should I ignore this advice and stick to my original timeline?
If you wait, you may be forced to buy less house than you could buy at this moment in time. Inflation and higher interest rates are going to eat you up if you wait.
@Cloudlb wrote:I recently realized that my finances were in good enough shape that I could buy my first house, and was planning on about a year. I wanted to save up some more money, and let my AaofA and stuff mature a little more. But my boss, a real estate attorney, whose advice I trust, is telling me that's too long -- that I should buy before the end of the year, because I'll never get another mortgage rate as low as the rates right now, and the rates will go up after the election.
Now I don't know what to do -- I thought I would have more time to decide on what I want (or what I can stand in my price range--a very difficult decision for me). If I wait, I could get more house (not bigger--I really want something with income potential), and if I do it now, I'd have to take a loan from my 401K, which I didn't want to do. I'd have to go with a 3% down conventional or a 3.5% FHA.
I'd like you guys' take on this. FYI, my current FICO scores from this site are 736 and 737 and my reports are clean. 3 active credit cards and one store card, but I pay them off every month so no debt, but a car loan with a balance of around $7000 right now; income of $50,000/year. My weakest point is the AaofA which is only a few years (not sure exactly off the top of my head. Newest card is an AMEX which I took out in June (was hoping for a bit more seasoning on this one before applying).
If you're not comfortable buying right now, don't. Many people that bought years ago and later found themselves in deep trouble did so on the advice of people telling them they would be priced out of the market, rates would never be that low again, etc, etc. Buying a home is a huge decision and commitment, and should only be done when the timing and circumstances are 100% right for you.
@Sunshine85 wrote:
@Cloudlb wrote:I recently realized that my finances were in good enough shape that I could buy my first house, and was planning on about a year. I wanted to save up some more money, and let my AaofA and stuff mature a little more. But my boss, a real estate attorney, whose advice I trust, is telling me that's too long -- that I should buy before the end of the year, because I'll never get another mortgage rate as low as the rates right now, and the rates will go up after the election.
Now I don't know what to do -- I thought I would have more time to decide on what I want (or what I can stand in my price range--a very difficult decision for me). If I wait, I could get more house (not bigger--I really want something with income potential), and if I do it now, I'd have to take a loan from my 401K, which I didn't want to do. I'd have to go with a 3% down conventional or a 3.5% FHA.
I'd like you guys' take on this. FYI, my current FICO scores from this site are 736 and 737 and my reports are clean. 3 active credit cards and one store card, but I pay them off every month so no debt, but a car loan with a balance of around $7000 right now; income of $50,000/year. My weakest point is the AaofA which is only a few years (not sure exactly off the top of my head. Newest card is an AMEX which I took out in June (was hoping for a bit more seasoning on this one before applying).
If you're not comfortable buying right now, don't. Many people that bought years ago and later found themselves in deep trouble did so on the advice of people telling them they would be priced out of the market, rates would never be that low again, etc, etc. Buying a home is a huge decision and commitment, and should only be done when the timing and circumstances are 100% right for you.
Agree!!!!!
ha! I'm trying. my gut is telling me I don't want anything out there at all, but I really haven't started looking yet.
what I really want to do is build a small duplex--very hard to do for a first time buyer with limited fund.s