how can i take advantage of todays low mortgage rates???

Question

i want to build or buy a house but havent found one or havent found a place to build one yet. i want to take advantage of these low rates right now. is there anyway i can start paying on a mortgage now and lock in my interest rate, then when i find what i want i would have this low interest rate and already have paid some on it????? or is there a way i can get a say 200,000 mortgage, put the money in a cd, then when im ready i could take the money out, use it to pay for the house.


i know someone is going to say to just put howevermuch money the payment is going to be, and put it in savings then when im ready, i would have that savings for a bigger down payment, and that would offset the cost of having a higher interest.

well thats just too hard to do for me. its easy for me to make payments but real hard to put money in savings. any suggestions????

Answer 1

why don't you look into a lease-with-option-to-buy? you can rent from the owner, but a portion of the payment goes towards the down payment on the house. then, in 6-12 months, you can purchase the home with some money down. remember to negotiate the purchase price upfront when you enter the contract.

but, there is no mortgage product that allows you to get the cash now and not have the loan secured by a property.

last suggestion would be setting up a direct withdrawl from your paycheck, and have it put into a savings account. maybe if you don't have to actually bring the money to the savings account, you won't miss it. good luck... homeownership rocks!

Answer 2

Not a wise thing to do. Select your property first than apply.