Mortgage Lending Statistics
Should I go ahead and close escrow on a 550k house now or back off and wait a couple months for lower prices?
Is this a possibility or not? The facts are these: My avg. Fica are 715 makes around 85k p / year, @ the same job for 12 years (teaching), and has about 30K in investments ready to put as payment and about 20K in cash. This property is a duplex in LA area (South Bay), I already put $ 3,000 as warranty conditions are putting 5% down; loan the solution is a 85/15. Tthe interest on the loan is 7% fixed on big loans (85% interest only first 5 years) and 10.75% on small loans (15% jumbo loans). I just heard today more statistical information on what is suspected: more people defaulting on repayment of loans and a worldwide stock maket scare reason for this. Countrywide. WaMu and other financial institutions are in trouble. I know it will be hard to get better loan terms right now, but I want not to let this opportunity go. Is it better to wait a few mos. untiI storm away, or should I play with what I have on hand? (First time home buyer) Thank you for your advice. = 0)
Well if you really want this house so you'd better go on cause it will not stay on the market long if it is a good price and a good house. I think you have a good deal here. good luck.