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Old 08-23-2008, 11:22 PM
 
Location: Not where you ever lived
11,544 posts, read 25,086,443 times
Reputation: 6183

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As far as I am concerned, thee are only two places to go for financial advice when buying a house. My Banker and MY Banker.because I get an honest answer.

With good credit and a pocket full of cash, you will get the best rates possible. Credit Unions offer better loan rates than banks; they always have. You can also look at FHA and Freddie Mac loans.

You need a local loan. Make the standard 20% downpayment. Keep the other 30% to prepay the principle down in 90 days. Do it in person. Banks have an awful tendency to apply payment for principle only to *Priniciple AND Interest*. It is a real chore to get it corrected especially if your loan has been resold to a third party.
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Old 05-10-2009, 06:14 PM
 
Location: SE Florida
1,194 posts, read 3,597,397 times
Reputation: 753
FUnny but I have never ever fouind a crystal ball that will tell us when the rates have reached bottom. All speculation so if you buy down a rate then you have done your best to achieve your goal. TOmorrow the rates can go up or remain the same but WHAT IF the rate rose like a rocket forever, and they surely can?

Then it is safe to say that someone gave bad advice and I would like to see everyone happy as we are already paying out the nose for our taxes where ever we live.

Good luck...
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