To buy or to rent ARM vs Fixed

[streak]

A number of the folks here have given me some useful advise via PM but thought I would throw this open to the rest of the wise folks here.

We will be arriving in SD next week as new immigrants.

We will have money in the bank, sufficient to pay for a new house in Carmel Valley.
We would however prefer to rent for a year or so but would face the same problems of not having a credit rating.

So in an ideal world we could put down 20% on $1300000 house and would have a mortgage of between $5-$7k depending on how its structured. The real facts are that we wont be able to get a mortgage.

So, should we from the outset buy a home for cash and not be concerned with mortgages and interest rates, re-financing down the line, or do we still rent, paying for 6 months in advance at a time waiting for a decent credit score in order to get a mortgage and at the same time be at the mercy of a landlord paying upwards of $4000 per month for something that will never be ours?

We cant be the first new immigrants with this problem, how have others dealt with it?

In the current economic climate what make the most business sense in dealing with the above problem?

[AK]

Rent for a while just to be sure that you really want what you think you want. Who knows, you may not even like Carmel Valley!

[AK]

Rent for a while just to be sure that you really want what you think you want. Who knows, you may not even like Carmel Valley!

[AK]

Rent for a while just to be sure that you really want what you think you want. Who knows, you may not even like Carmel Valley!

[AK]

Rent for a while just to be sure that you really want what you think you want. Who knows, you may not even like Carmel Valley!

[AK]

Rent for a while just to be sure that you really want what you think you want. Who knows, you may not even like Carmel Valley!

[scaredyclassic]

seems to me best not to rush into anything. you’re not just new to the area, but the whole country? jeepers. you might not even like the whole USA!

[scaredyclassic]

seems to me best not to rush into anything. you’re not just new to the area, but the whole country? jeepers. you might not even like the whole USA!

[scaredyclassic]

seems to me best not to rush into anything. you’re not just new to the area, but the whole country? jeepers. you might not even like the whole USA!

[scaredyclassic]

seems to me best not to rush into anything. you’re not just new to the area, but the whole country? jeepers. you might not even like the whole USA!

[scaredyclassic]

seems to me best not to rush into anything. you’re not just new to the area, but the whole country? jeepers. you might not even like the whole USA!

[barnaby33]

If you’ve read the realtors comments it seems like renting is hands down the better way to go. If you are going to be spending that kind of money, do you really want to be rushed to find something? The market may be soft at your price point, but that just means you are going to be that much pickier.
Josh

[barnaby33]

If you’ve read the realtors comments it seems like renting is hands down the better way to go. If you are going to be spending that kind of money, do you really want to be rushed to find something? The market may be soft at your price point, but that just means you are going to be that much pickier.
Josh

[barnaby33]

If you’ve read the realtors comments it seems like renting is hands down the better way to go. If you are going to be spending that kind of money, do you really want to be rushed to find something? The market may be soft at your price point, but that just means you are going to be that much pickier.
Josh

[barnaby33]

If you’ve read the realtors comments it seems like renting is hands down the better way to go. If you are going to be spending that kind of money, do you really want to be rushed to find something? The market may be soft at your price point, but that just means you are going to be that much pickier.
Josh

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