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Personal Finances / Buying or Selling a Home
|Subject: Buying a new home, what type of loan?||Date: 3/26/2013 6:50 AM|
|Author: deepa100||Number: 124999 of 128370|
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.
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