Do not get an adjustable or variable rate! Remember OT and always go with FIXED!
You also have to figure in your escrow payments for your property taxes when looking at how much you can actually afford. Those calculators that say you can pay $600 per month for a $200,000 home are not figuring in the property taxes, your homeowners insurance, or any PMI (private mortgage insurance) that you may need to pay. You also need to consider maintenance for your home and any deductible on your homeowners insurance.
You also have to figure in your escrow payments for your property taxes when looking at how much you can actually afford. Those calculators that say you can pay $600 per month for a $200,000 home are not figuring in the property taxes, your homeowners insurance, or any PMI (private mortgage insurance) that you may need to pay. You also need to consider maintenance for your home and any deductible on your homeowners insurance.
