Should I buy this house with high interest rate or wait?
I found this lovely house in Castro Valley. My offer of 1 million got accepted and I'm in the inspection period. I can only put %10 down and the lender could get me 900k loan with %4.25 7 year ARM. That was the best I could get, boa and wells fargo only offered 700k loan with slightly better rate.
My partner and I have good stable jobs with total liquid TC of 450k this year. (It was 150k last year, that's why we don't have much cash or assets.) We live in a shitty rental apartment with $2500/mo and our living condition is not good. We really want to move to our own house and improve quality of life as it's getting depressing. We can save about 150k in the upcoming year. My lender says we can put down this money and refinance next year with the cost of $1500.
Should we buy the place now with high rate, or wait and buy next year? There's also no guarantee that rates don't go up next year.