Want to buy new home. First time home buyer. Help!?
I am 25 years old
-income of about $ 25,000
-about $ 40,000 downpayment
I am wanting to buy a new home, but I am skeptical of what kind of mortgage loan to get, ARM or fixed? What is the difference? Also I would like to not pay over $ 800 monthly. I am looking at a home currently that is $ 136,900. Is buying a home really worth it, instead of renting? I have been prequalified for a loan, but not PRE-APPROVED yet. My fiance is currently in school to become a nurse. She has about a year and a half left. Should I buy now while rates are supposedly “down” or just wait until she is finished with school? Whenever she finishes, there is no doubt of affording it. Please help and honest answers will be appreciative!