The Motley Fool Discussion Boards

Previous Page

Personal Finances / Buying or Selling a Home

URL:  http://boards.fool.com/buying-a-new-home-what-type-of-loan-30606949.aspx

Subject:  Buying a new home, what type of loan? Date:  3/26/2013  6:50 AM
Author:  deepa100 Number:  124999 of 127815

Hi,
We just bought a house last night for 320K. We need to decide what kind of loan to get. This house is brand new, in a state university setting (10 min to the campus). Houses get bought and sold often in this area due to large university. In the past, I always paid down 20% and got a Fixed rate loan. This time, we will only be here for 3-4 years. So, I am thinking perhaps we should get a 5-year ARM loan. I have never done this before but considering we will only be there for a few years, it makes sense. The real estate in this area has remained strong through the downturn.

Please do not post chiding me for buying a house. We have lived in rental houses for the last 4 years and sicken tired of not getting what we wanted. So, we are done thinking over that part.

Any advise regarding the appropriate type of loan will be appreciated.
Thanks!
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us