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Re: Rent or Buy?
when i bought my condo 2 years ago, i was able to secure a 102% loan through the bank because I was a first time home buyer. I ended up putting like $450 down on a 80K condo. My interest rate is locked for the 1st 5 years of the loan, and can only go up a single percentage point from year to year. I make very modest monthly payments (which includes escrow), and am able to make double payments from time to time.
the biggest thing when purchasing is to make sure you are not living beyond your means. i know people not making as much as I am getting loan offers for much more than they can afford.
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