Trusted, knoweldgeable friends and family members are your best source for advice and counsel. Of course, ALWAYS speak with, and follow the advice of, a qualified attorney whenever buying or selling.

Beyond those folks, it seems like this site is a good place to check in for helpful info. I know I’ll be back.

Why not save your money in a Money Market Checking account? You can shop around for the best rates, and still have access to your money if you need it. The access isn’t as easy (like at an ATM). Plus, you can have funds deposited to the account at intervals and in amounts that you are commfortable with.

Instead of a savings account, why not a Money Market Checking Account, seperate from banks. I used this to keep my money fluid if I needed it, yet distant enough to avoid urges to spend. As an added bonus you can shop for the best rates for these accounts, have it automatically diverted from your checking account at intervals and in amounts you are comfortable with.

I am not a big fan of $0 money down purchases, but at the same time, don’t feel like you have to have 20% to put down. You can avoid PMI (Primary Mortgage Insurance) by structuring your mortgage with a simultaneous second mortgage (Home Equity Loan or Credit line). Again, make sure you are able to afford the combined monthly payments.

And lastly, don’t forget the tax benefits that owning your own home/condo can provide. Your mortgage interest and property tax are deductible on your tax return. For most people, this will be more than the standard deduction which will then allow you to itemize. In short, you’d be able to deduct any charitable gifts (clothing, furniture, money, etc.) and a variety of other expenses most people don’t think about.

Just my two cents

We were able to save a good deal towards our downpayment during that year…

The first mortgage person that we saw told us that we were “lucky” not to have credit card debt, I looked her dead in the face told her there was no luck involved and walked out.

My advice, have a number in your mind, tell the mortgage person that is the number that you want to be approved for. You can always go up… We even told our real estate agent that we wanted something 50K less then we were willing to spend so when were shown or “reach” home it was well within reason.

In the end no one, NO ONE is your friend in the whole process, you are a cash cow to them and represent a check. The more you spend the more they make!

The problem with condos and townhomes is that they don’t appreciate at the rate that single-family homes do. And don’t forget that although exterior maintenance is usually done for you, you’re still paying HOA fees. In terms of future payoff, it would probably be wiser to buy a small house instead of a nice condo. People buying a condo shouldn’t do it for financial reasons.

I also work at a credit union where we are constantly looking for ways to get people into homes, because the market demands it, not because we’re trying to get them to do something for our benefit. It’s just that the idea of the American Dream has always been homeownership, and even though times have changed and a 1-bedroom converted condo will go for $300k in Seattle, people will do anything for that dream to come true.