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3w🏠 Real Estate
My wife and I are both on H1B (I-140 approved). We've been renting in Iselin for 3 years and paying $2,800/month. Houses in Edison are going for $550-700K. Interest rates are around 6.5%. We have $100K saved for down payment. Should we buy now or wait for rates to come down? Also...
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We bought in Edison last year at 6.8% rate and refinanced this year at 6.2%. Don't try to time the market — Edison prices ONLY go up because of the Indian community demand and limited inventory. With I-140 approved, you're in a good position. Tips: - Get pre-approved from a lender who works with H1B borrowers (Chase and Wells Fargo are good) - You'll need 20% down to avoid PMI - Property taxes in Edison are $12-15K/year — factor that in - Look at Oak Tree Road corridor for walkability to Indian shops For realtors, I recommend checking DesiCircle listings or asking in local WhatsApp groups.
One thing nobody mentions — if you're on H1B, make sure your down payment money has been in a US bank for at least 2 months. Lenders flag large international transfers. Also, you'll need a longer employment history letter from your employer. Start getting documents ready now, it takes time.
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