A contrary opinion to JohnBoy’s - Posted by ken in sc
Posted by ken in sc on February 20, 2002 at 12:07:01:
With respect to JohnBoy, the only reaso I would NOT go ahead and get a bank loan now is if you do qualify for a good rate. Because if you do qualify, I would go lock-in that rate. Who knows what rates are going to be in 2 yrs? If that is your plan, to refi in 2 yrs, why wait? If you have the closing costs and downpayment now, then go for it. Especially if you are going to live there for awhile.
Now, if you may only live there 2 or 3 yrs, then I might very well subject-2 the house and hope to never have to refi, thus savings the closing costs. But if this would be your residence long-term, then I would want to make sure I keep these great rates we have now.
Just my thoughts…