Mortgage question

[renriq02]

Iwakuni - that zip code and most of charlotte area isn't on the declining market list

[himain]

I will be in 28227 in Mint Hill. I went through the builder, Centex, as they were offering great incentives. (I know people say be careful and I did my research) I'm buying a house at $171K which is way under what we could actually afford. However, we don't need a monster house as its two of us and a cat. So the 1800 sq ft is perfect for us.

[QC Misfit]

Originally Posted by greenbayou

that all makes sense as long as you have an equity position in your house; however, as the media has been telling us equity has been dropping at dramatic levels!

But what markets are they talking about? In Charlotte this is not the norm.

[Megax]

Originally Posted by abcornwell

Good point. Some of us are making modest purchases (less than $150k) and don't want to fork over the cash we have in savings.

Especially if your rate of return from investments is greater than your mortgage interest rate.

[rmorton]

100% loan is okay if your DTI is around 25% which means you are mananging you credit. If you are at the maximun dti and are trying to get a 100% loan then the bank is nuts to give it to you. If you cant manage your credit with no mortgage, what do you think is going to happen when you have a home and want all the goodies (new furniture, new drapes, blinds, outdoor furniture, etc.) When you purchase a home the credit offers come pouring in like wildfire. If you want a home you should be able to save the DP. If you cant save the DP then you arent willing to make the sacrifice.