Looking for best rate on second purchase

[Administrator]

I'm planning to upgrade to a 1700+ sq ft home w/5 acres from my current ~1400 sq ft home on a .5 acre lot. Property taxes here in Alabama are relatively low, so I'm thinking I don't necessarily need to go the escrow route (pay taxes and insurance out of pocket). I'm estimating a $30k return on the sale of my house. My projected home sale price is $170k (my neighbor's home). I want to know my options of what type of loan that will get me the best rate. I probably won't opt for points because I may not own/reside for more than 5 years in the new home. Any suggestions?


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(Source: mortgagefit.com)