Posted by in-too-deep on October 12, 2007 at 12:10:25 from (209.102.166.125):
Lately I've been wondering what it'll take for me to buy a house. Instead of going to the bank and have them look down their noses at a 20 year old and get blown away by jargon, I was hoping you folks could explain things. I'd be looking at a FIXED interest rate of 6.9% or so. That's pretty much all I've got to go on. How is the interest compounded and paid off and all that? My dad told me it's a lot more complicated than a 3 year car loan. Right now I pay $500/mo. rent on a little country home, and I wonder what I can borrow for $500. Try not to discourage me too badly, my biggest goal in life is to own a home and a patch of grass.
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