 What makes more sense in my situation rent or own our home? |
ok we are debating on:
a.) renting a townhouse for 1500 mth + electric and hot water for 1 year
or
b.) buying a home with a mortgage of 1800 a mth now
we have new/no credit,... |
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 No heat or hot water for a week in rented - What are my options? |
Hi all,
We moved into our rented 4 bed detached 2 weeks ago. On moving in I made mention that the heating system was not in a good state - all though it had recently passed it's ... |
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 Is it agood time to buy now or is it better to wait? |
| i have 2 mid-600 scores and a high 600 score and i wanna buy a house around $70,000 in houston and i wanted to know if i should buy now or wait.... |
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 We have $360,000, (live in San Diego) not enough to buy a house don't want a condo. Advise.? |
| We have $360,000 it is not enough for a house and we do not want a condo. What advise would you give to us in getting into a house. We just got the money last week and very disappointed in no houses.... |
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 If two people have good jobs, bad credit, & no $ how can I buy a house.? |
| I keep looking all over ........... isn't there a way they can just take our mortgage payment like a direct deposit??????????... |
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 I want to buy a house? |
im 24 and work as a nursery asst i want to buy a house whats the best way and is there any useful websites that can help me.
im a first time ... |
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 My father pass away and left the house to my brother and me but he doesn't want to sell and i do? |
| he left a will that it says that the house is 50-50 but we haven't change it to our name. We have alot of troubles he now lives in the house and i live in the gest house but i want to sell so i ... |
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 Does my landlord have the right to go to my work? |
| my landlord came to my job already 3 times. One time to serve me a 3 day notice in witch he served to me already the day before that on my apartmemt door. What are my rights, or do I have any?... |
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 We have a renter who's lease agreement is up August 31st.? |
| We will not be renewing his lease at that time. We have a feeling that he is going to drag his feet about moving out. If he is still living on the premises after that date, would he be considered ... |
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 Mortgage question...help!? |
| Hi i have put in an offer on a house which was accepted but the owners of the house have a family friend who is trying to buy the property they have until tomorrow to get there things together ... |
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 My landlord is selling the house we rent from him...Do i have any right's, this feels so wrong!? |
| Me my husband and our two kid's moved to this home 12 months ago. My oldest child had to change schools to move here..10 months later we where told that our landlord was going to put this place ... |
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 How do you sell your house when your neighbour's looks unsightly.? |
| I live in a close, of well cared detached houses,apart from one, my next door neighbour and about six weeks ago their front door glass was smashed by accident .Instead of replacing the glass, a piece ... |
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 Can I leave items in a house when I sell It? |
| I have an old house that still has furniture in it that I don't want to have to dispose of. Can I leave it when I sell the house? As soon as the house is sold (to a utility company), it will be ... |
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 The House I'm renting is being foreclosed. What are my rights? |
| I just found out that my landlord has not been paying the mortgage on the house I rent. I've paid all my rent and it's been on time. What are my rights? Do I have to keep paying my landlord ... |
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 In the UK, if a property does "not include bills", how much should i expect to pay for those bills? |
E.g. for electricity, gas, water. (estimate)
Additional Details
Without council tax (i am a student). Also, i wont need telephone because i will use my mobile.... |
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 Buyer makes an offer on a house. Seller makes a counter offer. Now...? |
| Now At this break, we decided we REALLY don't want this property anymore. We want to just reject the counter offer the Seller made and say "We're done." Our real estate agent ... |
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monicanena | Any way to avoid mortgage insurance? |
I'm a first time home buyer who doesn't qualify for a grant. Apparently $35k is "too much" income. Anyway, the mortgage insurance will add nearly $100 to my monthly payment - that's too much! Anything I can do to avoid it?
Additional Details
As a single first-time home buyer, there is no way I can afford 20% down. I'd be saving for the next 5 years. |
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Landlord
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No, the only way to convince the bank that they do not need to insure themselves in case you are a flake is to pay the 20% down, just like the rest of us.
If 20% is too much for you maybe you should be looking at less expensive houses. You are buying more then you can afford. |
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Jennifer R
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The only way you can avoid MI is to look for a lender that offers "one time tami (tax advantage mortgage insurance)" It is 1% to 1.25% of the loan amount if you have good credit but will save you money over the long term and make your monthly payment lower. When you buy the house ask the seller to pay closing costs and have the lender factor the one time tami into the deal. Presto; monthly mortgage insurance gone:) |
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Matt G
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Put at least 20% down or get an 80/20 mortgage. You will still end up paying more over the life of the loan in interest but the up front costs will seem less. The best thing to do is just save more for a down payment or get somebody to loan you the extra money privately. Second mortgages are the KISS OF DEATH when you try to refinance. If you just pay them off no problems, but when you try to refi a 2nd mortgage they will add tons of points to your payoff. |
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Dale H
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There are some single premium PMI policies that are priced according to your credit score.
100% ffinancing using a 1st and 2nd has become difficult to find, but may still be available in your market.
How much home are you trying to buy? The FHA has a lower monthly mortgage insurance premium. It is 0.5% aannually so $100 month equals a loan amount of 240K.
The lender paid option (TAMI is a term that Countrywide invented for their LPMI) is forever. It results in a higher rate and is in my opinion worse than the borrower paid monthly program as the only way to get out of it is to refinance.
VA and USDA have 100% financing with no monthly PMI or MIP. For the VA you need to be a Veteran. For the USDA the property needs to be in an eligible area. They do, however, require the payment of a fee for the guarantee which could range from 2% of the loan amount on up.
If you can get the seller to assist with your closing costs, the FHA might be the best way to go. They can actually grant the 3% down payment and upto 3% assistance with closing costs and you can finance the upfront MIP.
If you would like to discuss your plans, feel free to contact me at 513-237-6571. |
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financialpeas
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YOu can save up and put 20% down payment on the house, which is what every home buyer should do. If you can't afford that, you are not ready to buy a house, which is why they want you to pay the 3% for PMI (mortgage insurance). Once you reach a point in the payment of your mortgage, if you do buy now, where you have 20% equity then you can stop paying the PMI, but that will be about 10 years away. |
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Big Deal Maker
 |
The PMI insurance can be avoided by putting a 20% down payment.
If you are unable to put the 20% down you will be required to have the PMI insurance until you reach the 20% equity mark. Best of luck with any home purchase. |
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Zen T
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Any way to avoid mortgage insurance?
yes
dont take a mortgage
but seriously good luck |
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Ron Berue
 |
There are two ways to avoind the mortgage insurance premium ["MIP"]:
1] Put down more than 20% on the property.
2] To avoid any monthly payment, pay cash.
You'll always have to pay the real estate taxes and for the other municipal services for that property.
Thanks for asking your Q! I enjoyed answering it!
VTY,
Ron Berue
Yes, that is my real last name! |
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Terry S
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You could get a 80/20 loan. 80% first, 20% second.
The interest rate on the 2nd mortgage of 20% will be higher than the first mortgage but MAY be less than Private Mortgage Insurance.
Work the numbers both ways. |
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Waqar
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Save up the down and try again in 5 years... |
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mcmoehring@sbcglobal.net
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It doesn't have anything to do with income.
Have a larger down payment. You'd need about 15% to 20% down to avoid it.
Search around to other savings and loans or credit unions or banks to see which institution requires PMI. |
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Finance&WorkAtHomeSpecialist
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You can do a 1st and 2nd mortgage. 80% First
10% second and 10% down or 80/15/5. That might make financial sense for you. |
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njyogibear
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can you borrow the down payment from your 401k or your parents? |
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