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post #1 of 7 Old 11-05-2005, 6:40 PM Thread Starter
 
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Home buying questions

Looking to buy a house within the next year ( i now this is a little premature) and have some questions.
  1. What type of loan do I get? i.e. fixed, MAR etc.
  2. Isnt there a tax refund (not sure if thats the right term) when you buy a house on your taxes?
  3. What are some good "rules of thumb" when buying a house?
  4. What are "Points"?
I am SURE I will have many more questions over time so I am sure this thread will arise regulary. Thanks again.

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post #2 of 7 Old 11-05-2005, 7:01 PM
 
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Re: Home buying questions

Best I can tell you Stegen is to
a) save and put at least 20% down on a house. This will make sure you have equity in your house from the start, and keep you from having to have PMI (Private Mortgage Insurance) which is an extra fee added every month until you accumilate 20% equity, or having to get an 80-20 loan which is in essence Getting a mortgage and second mortgage to start off.
b) Get a 15 year fixed rate mortgage. And if you want to be real slick, set up your payments to be made bi-weekly instead of monthly. This will essentially make an extra payment every year. Instead of 12 big payments, you make 26 payments of 1/2 the price and it comes outr to an extra payment every year...

Check out www.daveramsey.com and see when he comes on in your area. Listen in a bit and he'll explain all this to a caller.
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post #3 of 7 Old 11-05-2005, 7:05 PM
 
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Re: Home buying questions

Similar threads below may have info as well.
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post #4 of 7 Old 11-05-2005, 8:22 PM
 
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Re: Home buying questions

FYI: Be aware that FHA insurance is not PMI and does not go away when you get 20% equity.

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post #5 of 7 Old 11-05-2005, 8:26 PM
 
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Re: Home buying questions

Quote:
Originally Posted by NinerPilot

Check out www.daveramsey.com and see when he comes on in your area.
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post #6 of 7 Old 11-05-2005, 11:39 PM Thread Starter
 
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Re: Home buying questions

Whats the difference in buying a "regular" house and a foreclosed house?

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post #7 of 7 Old 11-05-2005, 11:51 PM
 
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Re: Home buying questions

Quote:
Originally Posted by stegen
Whats the difference in buying a "regular" house and a foreclosed house?
If you need to ask I would stay away from a foreclosure. Basically it is a house that has been reposessed however there are lots of gotchas and I would stay clear unless you are knowledgable (not a good first try)

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