[gazewho]

My husband and I have 2 kids, we are currently living in a 2 bedroom apartment and the space is really not enough specially now that we have another baby on the way. we really need a bigger space.

Anybody here who knows anything about long and short term fixed mortgages?a friend of mine suggested that we try to go to a credit union to get a housing loan. she said they offer better fees than the usual banks. I would really love to hear your recommendations regarding this. thanks!

[Philly_Girl]

No answer. Just wanna bump for you

[ctsunshine]

By short and long term fixed loans you may mean 15 and 30 year fixed rate loans? The difference between them is that with a 15 year loan you will have a higher payment (*not* double) than with a 30 year loan. Your interest rate is fixed for the life of the loan. The important thing is to not get committed to too high a loan payment. There is some information here:
http://files.consumerfinance.gov/f/2...homebuyers.pdf

You could start with a credit union, see what their interest rates are and what that would be for a payment for a 15 or 30 year loan for a X thousand dollar house.

HTH

[gazewho]

Thank you so much! I read your comment 2 weeks ago but just cannot reply due to laptop issues. Anyway, got your point and I have talked to Calcoast about this. Thank you again!

[grandma6081]

i would suggest quicken loans they are terrific