So Im Thinking of buying a house

[TheSiege]

ok first off, every where i look i see interest rates at around 6.25%
how much of the interest rate is affected by the economy?

my down payment will be about 40% of my total cost of my house, plus i have a credit score of about "edit" 820

i plan on doing a 20 year loan, maybe 15 if the house is cheap enough

im lookin for a house for 200k or less, is there still a chance i can get an interest rate of 5.25 or less?

what other tips/advice/warnings do you have? thanks

 

[LikeLinus]

" plus i have a credit score of about 920. "

That's interesting considering 850 is the current limit...

 

[acemcmac]

good lord, you have no idea what you're doing. Go talk to someone who knows something before you find you and your money parted...

 

[JS80]

Originally posted by: LikeLinus
" plus i have a credit score of about 920. "

That's interesting considering 850 is the current limit...

I think there might be some new scoring system that has a higher limit.

 

[thepd7]

Originally posted by: LikeLinus
" plus i have a credit score of about 920. "

That's interesting considering 850 is the current limit...

lol yes I found that interesting as well

 

[ponyo]

my tip is to pay full in cash.

 

[JEDI]

Originally posted by: TheSiege
ok first off, every where i look i see interest rates at around 6.25%
how much of the interest rate is affected by the economy?

my down payment will be about 40% of my total cost of my house, plus i have a credit score of about 920.

i plan on doing a 20 year loan, maybe 15 if the house is cheap enough

im lookin for a house for 200k or less, is there still a chance i can get an interest rate of 5.25 or less?

what other tips/advice/warnings do you have? thanks

um.. spend $15 at myfico.com and get your real credit score that banks actually use, not your estimated fako score by the credit agencies.

for rates, goto bankrate.com for a list of rates.

15yr fixed loan is probably best bang for the buck. it's usually .5% lower than a 30yr fixed mortgage.

 

[slsmnaz]

A credit score of "920" and $80k in the bank? Shouldn't be an issue...

 

[acemcmac]

I don't even know where to start..... First, you need to read up on morgtage interest deductability and alternative minimum tax....