Buying a less-expensive starter home may be less stressful financially if you have only a limited amount saved for a down payment. You may also be able to avoid having to pay for private mortgage insurance if it means you’ll be able to put down at least 20 percent of the purchase price.
If you’re anticipating an increase in your earning power in the coming years, however, paying a little more to buy a home you’ll want to live in for the long-term may be well worth while. You may want to consider a mortgage such as a hybrid ARM that offers a lower initial payment for a fixed number of years before resetting to an adjustable rate mortgage.
If you’re anticipating an increase in your earning power in the coming years, however, paying a little more to buy a home you’ll want to live in for the long-term may be well worth while. You may want to consider a mortgage such as a hybrid ARM that offers a lower initial payment for a fixed number of years before resetting to an adjustable rate mortgage.
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