 Is it better to pay down my current mortgage and refinance or refinance and use the money for downpayment? |
| I have inherited some money and I want to use it to pay down the debt on my house and to make the payments lower. Would it be better to pay the mortgage down $100K and then refinance the $75K balance ... |
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 How much money is TOO low for an offer on a house? |
| I mean is there a general rule for this? For example, is offerering $190,00 on a $220,000 home to low? The home needs some work (it's a cape and the 2 bedrooms upstairs need to be dormed, needs ... |
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 Why can't I find land to build a house on that isn't surrounded by trailers in central Alabama? |
| We built our last home in Odenville, Alabama 4 years ago. Now we want to build again, but everytime we find a piece of land (5 acres or larger), we find trailers all around it. What happened to ... |
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 What is a draft contract? |
| It will be 3 weeks next monday since we accepted an offer on our house. The couple who are buying it have yet to get a valuation report done let alone a survey organised. I rang up the estate agent ... |
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 Roomates in apartments? |
| ok, so im either moving to minnesota or North Dakota and I want to room with someone in a apartment. This sounds dumb, but someone was telling me if you look in the minnesota newspaper, people put it ... |
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 Mortgage payments whilst in uni.? |
| Me and my partner are both in uni starting september but how are we going to pay the mortgage? It is important that we go to uni in the long term but how are we going to survive the next few years? A... |
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 Problems with landlord? |
We have been living in a property for 7 months now and our shorthold tennancy has just switched to 'month by month'.
do they have to give 1 month, or two months notice? also can ... |
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 Can i still rent an apartment with my husband if i have good credit and he has bad? |
| I almost make enough money to apply for a rental on my own, but he makes twice as much as i do, but has the bad credit. do you think that the rental units will let us get a place?... |
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 Is it unethical or hypocritical for a childless couple to buy a house in a good school district? |
| In populated areas, housing prices are influenced primarily by location (of course), but the school district can make a big difference too. Properties in good school districts generally sell faster ... |
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 Can anyone help me with a question about renting a property? |
| I have lived in my flat since Aug 2006 and have paid the same rent since then. I just received a letter from my landlord to say they are putting my rent up to be more in line with the current prices ... |
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 FREE PROPERTIES... how interesting is that? |
I recently wrote a book acquiring real estate for nothing... free... i am wondering how interested serious people will actualy be upon seeing the advert 'free property'...
from ... |
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 Need help with mortgage information? |
| This is the first time buying a house. I was wondering do different lenders have different payment set ups, or do they all go by the same "rules" For instance, i got a quote on a house its 8... |
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 Someone passed away in my house......? |
| how do i tell the people that if they want to rent it in a way that wont freak them ... |
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 How often should landlord replace carpet? |
| We moved in six months ago..after a tenant who was here for 9yrs.We had to move in pretty fast because of our previous situation but the landlord had like 2 weeks in advance to get things in order.He ... |
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 I want to buy a house? |
I want to buy a house. I have about 2o grand saved up and I have no idea how to go about it. Im in the guard so I think I have a va loan but I dont have great credit either. lol
Any input ... |
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neliiii <33 | Can we afford it or should we just wait? |
my family wants to buy a house that is around $699,900. we dont have the 20% down payment needed, so we are just waiting to see if we can come up with some money. we pay $15,000 a year for middle school, and we have around $10,000 in debt that we're slowly paying off. i honestly dont know if we can afford the $5,000 a month mortgage if we do buy the house. do you think we should just wait until we can afford it, or are there any actions we could take or anything we could do to come up with money? or any jobs that pay alot? thanks.
ps. we dont want to push anything, so if its not possible, we wont buy the house. |
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daisymae
 |
If you are already doubting the ability to afford and don't have the 20% down then you could be setting yourself up for failure if you do buy. Why not wait until you get the money saved for the down payment and get the $10,000 in debt that you owe cut at least in half before getting a home.
If you buy now you may end up becoming house poor. |
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notyou311
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Talk to a buyers' agent at a reputable real estate firm. They have formulas that will show you just what you can afford. This is the best possible time to buy a house because it is a buyers' market. |
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Anjell
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Definitely and most absolutely wait. School is a given and you must provide that for your child. Make sure you pay off your existing $10K debt, you don't want that ball and chain with you when you buy a house. In addition to having the 20% down payment you still need to have savings. Don't leave yourself high and dry.
Especially in this market, unless you have diva-like tastes you can surely buy a very nice home for less than $700K. There's no need to spend $5K/month on the mortgage alone. The mere fact that you can't just shrug off a $10K debt spells "you can't afford it". In addition to the mortgage you have to pay property taxes, home insurance, security, all your utilities, school, food, gas, health care/insurance, etc...
Buy a house, just buy within your means. |
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bianca
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Maybe the price for the house you mention is little to high? If you know that you can't afford the mortgage payment of $5000- don't even go there, it will save you a problems in the long run. Try to estimate your mortgage payments on what you can afford using 36% of your gross monthly salary- this is the rule the lenders use to qualify you for the loan for mortgage payment, tax , insurance & PMI. |
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acermill
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You do not indicate your level of income, so it's not possible to give guidance. However, given that you have apparently chosen private schooling, and have difficulty paying off a mere $10,000 in debt, it does not appear appropriate that you take on an additional $5,000 per month payment. |
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Just say no!
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If you buy this house will the school district allow your kid to go to public school? That would free up 15K a year.. If not, I would say wait. I close this month and am NOT putting down 20%--I did 3% FHA but my payment is increasing a little less than $200 a month so I fee it's doable. Do a budget--see what you can comfortably afford if it's not the time don't force it. You don't want to end up in a bad situation like so many others right now getting forclosed. |
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josh_c
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How much a year do you pull in (gross)?
I wouldn't do it if I wasn't bringing in almost $350K a year, personally, but that's just me.
Like another poster mentioned though, if you haven't paid off a debt that is only 2 times what your monthly payments would be, you should either get that taken care of ASAP or you probably can't afford the mortgage. |
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sherlock_neo
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There is a saying "Spread your legs only as much place in the blanket". There is no point loading yourself in debt for a house in a falling market. take it easy, improve your financial situation and then make a commitment.. |
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Crystal Mandie
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idk |
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