Aside from mortgage, don't forget the property tax which is quite huge, other bills that you don't get from renting such as trash, gas, water, etc. Those really add up. I started out on an interest only and that was fine for us, we've since refinanced. During the interest only, we paid extra on months we can afford the interest plus. Also, look into mortgage brokers who can shop around for different options and packages. I've learned that it really doesn't matter who you loan with (ie, co etc), brokers can typically get you a really good deal. I was so naive when we first bought our home, do your homework and shop around for the best interest rate. There's tons of info on the net, good books to read, and great people on here willing to help you out. Loans are such a confusing world when you don't know anything about it.
On the other side of things, owning a home is such an amazing venture in life! Best wishes to you!
Jennie |