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Buying a first home

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shmokes:
Three years.  :)

Chris G:
From my experience, it really seems that banks could not possibly care less about retaining mortgage customers or whether they earn their future business.  Part of it is that many banks regularly bundle and sell their loans in bulk to other banks.  Another part is that the whole mortgage thing is more complicated than say a credit card where you can just call in and simply ask for a lower interest rate.  And finally, they know that no one cares what bank they get their loan from - it's all about the rate.

ChadTower:

How many people really get 3+ mortgages anyway?  Not many.

shmokes, 3 years if all goes perfectly as planned.  You have a kid now.  Life interrupts plans.

CCM:
Miami is not a cheap place to buy a house.  It will probably not be worth it of you are only planning on living there for 3 years.  According to the link below, the median price for a house as of the 4th qtr of 2004 was $297,200.  That was over 2 years ago and housing prices don't usually go down.

http://content.monster.com/articles/3471/16706/1/default.aspx

Also, you really need to get it out of your head that a bank is going to care what you think you may be making in the future, that's just crazy.  Maybe you'll be a rich fancy french-speaking lawyer someday, but for now the bank isn't going to give you a loan so you can default on it.

hypernova:
From what I've heard/read, housing costs in the state of Florida have kept going up, AS WELL AS insurance rates (flood/hurricane.)  They've done stories on the 6:30 evening news about how many are having to leave Florida because of insurance rates alone.  Where in Miami is it?  In/near the city, or on the outskirts in a suburb, or furthur out?

I'm with some others here.  I don't think buying a house is a good choice in this case, especially when you're planning on selling in three years.  Unless you can find a REALLY good deal that you simply cannot pass.  With all this stuff you have going on, how much time will you have to take care of the house itself?  Will you be able to appreciate the value with improvements in the time you live there?  Or will you just be hoping that the housing market doesn't go kaput before leaving?  And consider the what if.  Just what if your roof needs replaced because of storm damage, or some other large expense comes along.  Will you be able to handle it financially?

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