What'* the best way to get a low monthly payment on a 30 year home loan?

Is it maybe better to do a 4 year loan thingy and refinance later since rates have been climbing recently?

A whopping down payment and A1 credit

Our credit is fine. How much down payment we will have is out of our control to increase at this point.

I'm looking for advice on loan types, terms, etc.

X2 I put 75% down and financed the rest over 30 years at 6% The house cost $245,000 last October.

Super. Now, if I have 3-5% down...

Whoa.... can I be adopted by you?

Okay back to the topic...

Well I am 35 so it has taken some time to save.....

Anyway stay away from any interest only loans.... they love to push them on first time buyers.

Whether you go FHA or conventional, I would get the best fixed 30year loan now and live with it because in 3-4 years home financing is going back up to levels before all this Greenspan kill the middle class reverse interest gouging started. I know thats sounds cruel for a lendee but the Feds have been giving money away ( at vitually no interest) for a long time to control inflation and spur growth but the cycle has bottomed out and has to go up.

John, I'd love to help you but buying a home in Canada is different then in the USA.

That being said, is there mortgage insurance available? I was able to buy my first home with 10% down, to avoid mortgage insurance, buyers need 25% down on the purchase price. Also, first time home buyers have the ability to buy with as low as 5% down. In Canada you can also use $20 000 of your RRSP (retirement savings program) to finance your downpayment. However 2 years after, you need to pay yourself back over a 15 year span.

*sigh* but thats here, investigate what the options are in the US.