Buying 1st home, 30 yr. fixed,10 yr interest only loan? ADVICE?
I have applied for a loan of 160,000.00. Approved for 30 year fixed @ 6.75%, 10 yr interest only + (including taxes, insurance, haz-insurance). I am pleased about the payment. What do you think about this? This is a new build. Equity will be on the rise in 2008-2009.
Only serious advice, please. No offense to others. Thanks
This is in Maricopa, Az. In the past, all of these underdeveloped areas have sky-rocketed in price do to the congestion in PHX. And yes, my 20yrs. will stay at 6.75%, fixed. No, I can’t predict the future, but the way I’ve seen it happen, people have regretted not buying in these locations thinking that they would’nt appreciate. I’m still looking into it, looking for those “Hidden” fees. It’s not really for investment, I just want a fair deal for me and my children/grand children. The communities are gorgeous and very well rounded. Thank you for all your input. I will get back to you when I get an actual “good faith estimate” in my hands!!!