Quote:
Originally Posted by Buster
Most of the top tips have been covered and I emphasize, STAY AWAY FROM ARMs!!!!!
One home inspection is fine, but make sure the inspector is not a contractor who could potentially make money off of doing the repairs. An inspection company that ONLY does inspections will be the most honest and fair since they have no chance of doing repairs and cashing in on them.
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Yeah. If you are a current home owner and have an ARM I apologize in advance but in my opinion you have made a very bad move. ARMs are hideous creations by banks to be able to offer more loans for more money to less qualified people. To do so they have to offset all of their increased risk somehow so that should clue you into how bad ARMs really are compared to standard loans. Right now all the people who jumped into an ARM 4 and 5 years ago are starting to really realize what kind of problems they can cause. Avoid them at any cost. If you have to hold off on buying a house or have to buy less house then do so. But don't jump into an ARM so you can qualify to buy a $500,000 house. Buy a $250,000 house wait 2 years and sell for profit(hopefully) then take your increased equity and move up. It is the safer and less expensive way of doing it over the long haul. And when it comes to primary housing you are ALWAYS talking about the long haul.