Hey Guys,
Any recent homeowners?? Could you please post some of your experience...
I have friend who has a H1 and thinking about buying his own place. I am being very supportive of it.. but I want to give him ideas about how to find good mortgage and what are the things he should look out for... (Traps.. to consider.. Do's and Don'ts in Home buying)...
Thanks...!

depends if you're planning to keep the house for 5 yrs or longer, also depens on location.

if he/she is planning to sell the house in 5 yrs or so, go with 5 yr arm, its interest only paymetns, its fixed for first 5 yrs, and he can sell in in 5 yrs.

if its for a long term, and he's all setteled then go for 30 yr fixed loan.

the rest is just the basic math, how much down payment he can affort, and debt/income ration and his credit,

goodluck

any more thoughts...