[Click for all books]
Armchair ArcadePromote Your Page Too
Yeah, unless you can guarantee you'll be able to stay at the house for two years, then it's not a good idea to get a mortgage since there are almost always penalties. You would obviously need to discuss it with your mortgage broker, but I do believe the cut-off is two years. Also, you can sell your house for more and buy a CHEAPER house once in your life prior to retirement without getting taxed (pocketing the extra dough), but you can always sell your house and buy a more expensive home as many times as you want without taking a tax hit. Each time we moved, we upgraded, so it wasn't an issue. In one case we pocketed some of the extra money, but usually we put it all into the new home to lower the mortgage rate (i.e., increase the down payment).
By the way, when you do finally determine if you'll be somewhere for at least the next two years, you should look into one of the many programs (FHA) for first time homeowners that require little or no down payment and give you other aid. Also, even today with the house boom of the past ~10 years pretty much over, it's very rare to sell your house at a loss. Worst case would almost certainly be break even.
Bill Loguidice, Managing Director
Armchair Arcade, Inc.
More information about formatting options
All editorial content © 2003 - 2013 Armchair Arcade, Inc., an Armchair Creative Services, L.L.C., property. All rights reserved unless otherwise indicated. All trademarks and copyrights are retained by their respective owners. No content is to be removed or reused from the Armchair Arcade Website for commercial purposes without explicit permission from the principal Armchair Arcade staff, or the original trademark or copyright holders. Armchair Arcade, Inc., is not responsible for the content of any external sources or links. Further, endorsement of any external sources or links is neither implied nor suggested.