07-23-2005, 11:50 AM
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pixie of the wood
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Join Date: Apr 2004
Posts: 10,575
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great advice gekko...ty!
we have a mortgage broker already and a realtor (they are both excellent--our realtor is even hanging around through the duration even though this seems to have gotten the builder's and selling realtor's panties all bunchie  ) and we live in a highly populated, fast growing area so there are lots of builders--way more than 2, but i don't think that is unusual in an area this dense. one advantage we see in this house is that is in an existing, older, established community--not at all those mcmansion communities you see popping up all over. as far as appreciation, it has already appreciated by several thousand ,the builder increased his prices a few days before we put down the money on the lot (but he was kind enough to give us the earlier price). we own our home right now and are just looking for more space and a yard so the equity we have here will be rolled into the down payment on the new place. our realtor and mortgage broker have advised us to do a fixed, interest only loan because we are planning on selling this one within the next several years and since equity will go up, why pay off the principal now when we will be building equity without doing that.
thoughts? |