I just bought my first home. Now I need a loan. I know nobody can predict the market, but what’s your opinion right now? Do you think the market will continue to go down over the next, say, five years? or do you think interest rates will rise sooner? Just looking for others opinions. Please explain why for me, as answering “get an ARM” or “the market is going up” doesn’t really help me or anybody else in my situation who happens to come across this post! Thanks everybody!
Okay, so I don’t technically own the house yet. I negotiated a price, came to an agreement with the seller, and we both signed the contract. We close in a month and I’m pre-qualified for various loans. I was taking this opportunity to explore my options while I still could.
Second, I can comfortably say there is less than a 25% chance I will live in the house more than 6 years due to various factors (school, work, etc.), but as they say – the best laid plans… If everything goes according to planned, the longest I will own the property is 5 to 5-and-a-half years.
Finally, credit score is (thankfully) not a limiting factor for my situation.
Thanks for all the help so far! There’s been some great advice!