Question: I’m buying a new home. Perhaps not the most frugal choice, but then > I’m the type of person that will buy a new car and drive it “till the > wheels fall off” — that can be a cost-effective way to own a car, and > I have the satisfaction of knowing I maintained the vehicle well > throughout its life.
> Anyway… regardless of whether you prefer new or used with a home, > what should I look out for with home loans? Home loans seems to be one > of those areas where people can be bamboozled, esp. first time buyers, > because of all the jargon and options–making it, for a newbie, > difficult to compare apples to apples.
> SInce this is your first home purchase, find out if your state/local municipality has a first-time
Answer: homebuyer program. Typically, these offer a below-market interest rate, but is usually pegged to an income limit. They then give you a list of participating financial institutions. Your public library may have information, or your town/county housing office.
J.
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