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prgpfg
Joined: 20 Sep 2006
Posts: 13
Location: Chula Vista
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| Posted: Thu Oct 19, 2006 9:17 pm Post subject: Continue renting or buy? |
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| With the housing market slowed down and the mortgage rates leveling, is it beneficial to advise buyers to stay in an apartment, build up their credit for about 6 months and then purchase a home? Most people who are getting themselves into option ARMS or interest only loans are pretty stubborn and rather than understanding the loans, they'd rather be house poor. |
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Mac
Joined: 04 Feb 2005
Posts: 276
Location: Knightdale, NC
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| Posted: Thu Oct 19, 2006 9:53 pm Post subject: |
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I would certainly hope not because we would have no new purchases for the next six months "NATIONWIDE". :)
It really depends on the individual. Their current credit status and their desire to own a home still play into this.
Besides, there is no sure way of knowing exactly where rates are going to be in 6 months nor where the home market will be either.
Just keep in mind that new homeowners don't HAVE to have an "exotic" loan. The Option ARM and the Interest Only loans are but 2 of the tools in a loan officers tool kit. |
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