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Author: watergal Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127236  
Subject: Isn't buying always the better option? Date: 11/20/2004 2:14 PM
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Does it matter how high an interest rate you are offered on a home loan?

I recently completed graduate school and have a pretty decent job (%60,000/yr). My housing expenses will be taken care of by my company until mid - january. If I buy within one year, my closing costs will also be taken care of.

However, my graduate student years have taken their toll on my credit rating. I currently teeter-totter around 600. I also currently have very little for a down-payment, so the rates I'm hearing are in the 6-8% range (or higher). Because I'm looking for something that costs less than $130,000 my payments would be less than $1000, approximately what I'd be paying in rent. I've paid mucho on rent in the past and have nothing to show for it. Doesn't it make sense to try to get into a house right away? I plan to live in this area for at least five years. Would waiting six months to buy make a difference?

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