Friday, July 22, 2005
The tortoise and the hare
Sometimes I feel like the tortoise and the idea of a mortgage is a hare. Yesterday the banks raised mortgage rates for both the 5year closed and open mortgages. Not that I am prepared to buy a house but I feel like the opportunity is passing me by. Each month I put money in my "house fund/ emergency fund" Twice it had been depleted because of emergencies. At the rate I'm going I don't ever think I will own a house. I just hope that "Slow and steady wins the race" is true. I can't help but think there is something else I should be doing or could be doing to make my dream come true.
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3 comments:
Incite a Bolshevik revolution!
yah maybe I should
there are FHA loans with no down payment. The way it works is the downpayment is only 3 percent, the seller pays it and then its just tacked on to your loan. Thats what we did. After 3 years we refinanced out of a FHA, got a lower interest rate and no more mortgage insurance. Its a great program in case you're interested.
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