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Mortgage Advice

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kyenku
Valued Member
‎04-05-2018 12:10 PM
‎04-05-2018 12:10 PM

Mortgage Advice

I liked a townhome it is coming upto 550K with basement finished 

 

Right now I have 55Kcash with me, I am planning to do 10% down, so I will have to pay mortgage insurance.My mortgage interest would be around 4.7

 

Should I wait an year and put 20% down and find another home around the same price range but next year around this time they say the interest rate will be 5.5% So I am cofused Should I put 10% down now and get the home or 20% next year and search for another home

 

Your help is really appreciated. 

AMEX BLUE CASH Everyday 25000 DISCOVER IT19500 CHASE SLATE 5000(Closed) Chase Sapphire Reserve 21500 BOFA TRAVEL REWARDS SIGNATURE 30500 BOFA CUSTOM CASH REWARDS VISA SIGNATURE 32500 CITI PREMIER 16820 CITI Double Cash 17000 Citi Simplicity 16000 DCU 5000(Closed) Amex Blue Cash Preferred 5000 CapOne Silver 12000 APPLE CARD 12000 WellsFargo 1700 Macys 16000 BARCLAYS 6000
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kc0039
Established Contributor
‎04-05-2018 12:55 PM
‎04-05-2018 12:55 PM

Re: Mortgage Advice

You should answer yourself that question. Rates are definitely going up. How much? We don't know. The biggest thing to ask yourself right now, would it make sense to buy now or keep renting?

Licensed in IL
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me12345
Frequent Contributor
‎04-06-2018 03:48 PM
‎04-06-2018 03:48 PM

Re: Mortgage Advice

Do it Now...

 

With rates moving up, Home prices moving up, lock in the price and enjoy the appreciation and the tax deduction now...

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
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