How to arrange finances when buying home, and what type of home loan?

Answers:1   |   LastUpdateAt:2012-09-16 22:13:05  

Asked at 2012-09-13 23:46:03
My boyfriend and I recently accepted offer on a home for $ 264,000 . Combined we make about $ 105,000 a year , we have about $ 40,000 in total debt (student loans mostly , but some rotary ) . We have about $ 13,000 in equity and about $ 10,000 in cash. MedlinePlus MedlinePlus As we prepare to close , how to prepare finacially as this? ie sell all shares and use for a down payment , try to get something revolving credit , etc ? Considering the cost of housing that we need more to close , so I could not pay off the entire revolving credit . We intend to catch up after this purchase of housing by managing costs. MedlinePlus MedlinePlus Last question - what type of loan should be considered? Just a typical fixed or 30 years should consider a shorter period such as 15 years? Any other options ? We only payment to 5% and finance the rest . Thank you !
Answer1rani tabasumAnswered at 2012-09-16 22:13:05
Matt , you need a financial advisor - not a yahoo who think they can answer your questions without knowing your entire financial situation . MedlinePlus MedlinePlus Want to go to a dentist for a broken limb ?
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