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Old 08-01-2007, 10:52 AM
 
Location: Oak Park, IL
5,525 posts, read 13,975,889 times
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Buying a house and moving after four years to another state for a medical residency program would be throwing money out the window as well.
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Old 08-01-2007, 11:17 AM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,487,815 times
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I concur. I wouldn't buy anything in this market unless I planned to stay a minimum of 5 years. If we don't see a correction (i.e. a long period of 0 appreciation) we're certainly going to see more "traditional" appreciation (4%-ish annual). It'll take awhile to build equity in those situations.
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Old 09-17-2007, 11:32 AM
 
36 posts, read 206,517 times
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YOu don't want to do an interest only loan...with the debt you have now and will have after 4 years an interest only loan could pop your ever increasing balloon. That is why so many homeowners are in foreclosures because of thos stupid interest only ARMs. Stay away! If you can't afford a 30 or 15 yr fixed then rent.
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Old 09-17-2007, 11:42 AM
 
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Once you add in property taxes which are high in IL, your budget is kind of low. I would rent. IL is kind of expensive to live in, gas prices are high too, we have the highest gas tax in the nation. Get yourself an efficient car too, that will help.
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