Today I closed on my first home. I'm finally a home owner.
First of all...many thanks to the many contributors to this Mortgage forum as you halped with so many of the questions I had. Second, thanks to the many posts on improving your credit score. I went from a 620 about 18 months ago to a 740+ today.
I purchased a home and used my credit union to finance. I did a 30 year mortgage where the first 10 years are fixed and then it's adjustable (10/1 ARM). The interest rate is 2.5% for the first 10 years and then can go up by as much as 2% per year up to a max of 7.5%. It's my first home and i'm single so in 10+ years i'm probably not going to be in the same home and I figured i'd take advantage of the extremely low rate. Closing costs were about $4.5k but the selles contributed $4k ($185k home purchase).
One thing i've learned is that the more middle-men you cut out, the better deal you'll get. Going directly to a mortgage banker or a credit union will in most cases mean the best deal for you.
Now that i've officially closed...the work begins! Painters are due tomorrow at 8am sharp.
