My best advice is to contact and experienced loan officer to review your credit to see if you can make some changes to quickly raise your score. There are many things you can do. I do this often. Feel free to call me if you would like me to review your credit with you.... more
You will not be charged interest on your impound account payments, in fact you will normally have an extra 2 months worth of payments stacked up that your Mortgage Bank is earning interest on just by having access to those dollars in their accounts.
You can instead earn the interest income if you keep the money set aside in an interest bearing account until your installment payments are needed and pay for them yourself.
There is no right or wrong is just what you are more comfortable with.... more
Here's an outside opinion (I'm not in real estate)...Do you have 20 % down? Are you moving to the area to live long term (5-7 year min.)? Can you afford your mortgage for a year if you lose you job tomorrow?
If you answered yes to all of those questions, then consider it. Remember, that whatever stats a realtor spits out at you you have to look at these economic indicators. Job growth is negative (expected loss of 80,000 jobs to be reported on Friday), while East Sac is nice, difficult financing will slow any growth pace and speed up any depreciation. So while you make walk into an immediate 5% loss your first year, if you plan on staying past your 3 year anniversary, you may break even.
East Sac is great, I owned a home on T st. before moving to Midtown. But unless you are going to be a long term resident, wherever you live, it's a risk in buying. Don't let your realtor tell you all real estate is local, thats a tagline not based in reality.... more