Re: Should I buy a house???
Given we’re in a rising interest rate environment, I don’t think it would be irresponsible to take the ‘no money down’ mortgage. Then you can go ahead and put aside the money you intended anyway, and refinance when interest rates decline again, and use the saved funds to create a smaller loan, providing you with equity in the house. Or instead of saving the additional funds, you could make additional principal payments (be sure the mortgage allows for this), which would produce the same result when you eventually refinanced.
Just don’t take the ‘no money down’ mortgage and then fail to pay down an additional part of the loan, as that would leave you exposed to an upside-down loan if housing prices go negative.
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