Yesterday, my husband asked me to make some research about Mortgages, financing, interest rates, insurances, closing costs, etc. etc. etc. These words are very alien to me, I heard these words before and know that these words are being used in buying or owning a house, but have no single clue the real meanings. My brain hurts, and feel like I was making a crush course on Real Estate. I could say that I have been quite productive, learned a few things, but I still need to do a lot more research and interviews. Too much things to absorbed for one day.
One thing for sure, Mortgage loan is very complicated and you have to prepare yourself with interest rates, APR, points, back & front ratio, and insurances. A must understanding of these terms is extremely needed before you take the plunge in buying a house, otherwise you might find yourself in real trouble.
Few months ago, we have been contemplating if we wanted to buy a house. Well, we have been considering a lot of things here:
* Should we buy a house next year, the next two years or maybe in five years ?
* Should we stay in the apartment ?
* How much budget we could afford.
* Do we have money for the down payment ?
* Type of housing we want (single family, townhouse, condo )
* Location & neighborhood (should be near the office - how far we could go, school for Gabz)
* Are we staying in this house within 5 years ?
* Are we ready for the responsibility and long term commitment ?
* Are we staying in this State for good ?
So many questions to reflect on, that needs decision. I guess this is one of the biggest decision we are gonna make in our entire married life. This is one decision we are going to make which will definitely affect our future, Gabz future.
Still in the process of digesting this questions in our system.