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 Need help deciding on mortgage! Please help!? |
Jonathan
I need help deciding on a mortgage? HELP!!!?
Purchase price is 198k Doing an 80/15.
8.5 on second mortgage heloc on all options
6.0 30 yr fixed 1 point origination<... |
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| I bought my house is 2006 and it is now worth almost $100k less than what I paid for it. I can make the payments, but am seriously considering walking away in lieu of losing $100k. Has anyone been ... |
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 Offer on a house in ny- can we counter offer our first offer after it was accepted? |
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 Water damage at apartment? Who pays? |
| So the apartment above us had a water leak in the wall and the water drained down through the walls into our walls in our bathroom. Any way this caused damage to the drywall, ceiling, ventilation, ... |
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Gezup hose down | Is it cheaper to rent or buy a house? |
If you are not sure please list maybe the pros and cons of each. |
 |
 
arch0049
 |
I disagree with notation that rent always goes up. I pay less in rent now than I did 8 years ago. But, I do pay more now than each of the last 3 years. Rent moves, typically, opposite of the housing market in any local. So, now as the housing crisis has hit, my apt building has filled up as mroe people foreclosed and need to rent.
back to question:
Homeownership
Pros:
- you own it, so you can do what you want with it
- with most loans, your rates/payments do not change
- for many - NOT ALL PEOPLE - there is a tax advantage in deducting the interest
Cons:
- Property tax rates fluctuate in many places
- Paying for maintenance
- Contrary to popular belief of this generation (which is evident now) PROPERTY VALUES CAN TANK. And, it has happened more than most people remember or will admit in the last 100 years.
- Purchasing/selling is expensive. Often times, you pay out or in anywhere from an extra 5 - 10 of purchase/sales cost banking, title, lawyer and realtor fees. |
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Matt
 |
This entirely depends on the house your are buying. Here in the Phoenix area, it is often a simple question. Mortgage payments are now actually less than rent would be. So, in that case, it's a no-brainer. Otherwise:
Pro:
You lock in a monthly payment for 30yrs. A rent payment will increase with inflation, a mortgage payment will not.
You may receive tax benefits worth up to $200-300/mo. for owning a home worth ~300,000/
Con
You need to produce a down payment (usually)
You will be responsible for more expenses like HOA, insurance, etc.
Listingsupply.com shows that MLS listings are starting to fall. Prices will likely begin to bottom within the next few months. If you make offers on houses 5-10% below the asking price, I think buying a home is an excellent hedge against the coming inflationary boom. |
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Pablo
|
It depends on any number of factors. For some, it is very wise to rent. Others would find the exact opposite. Run the numbers and see what happens. You could also go into your local credit union, and speak with a mortgage specialist. |
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heyguy
 |
depends on your mortgage |
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Nessie
|
rent |
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rz8ur4
|
This is the best calculator on the internet that I've ever come across:
http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html#
It all depends on your particular circumstances: where you live, your age, rent costs, average purchase price of houses, how much you have saved for downpayment etc.
Personally I'd rather rent--the difference for me where I'm located is negligible once I total taxes, utilities (which are included in my rent), maintenance (never have to fix a furnace or roof) etc. Maybe if rents suddenly took off I'd be in a bad situation but right now I'd be crazy to buy a house. |
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foxyman
 |
Renting may be cheaper in the short term and each year your rent WILL increase as sure as night follows day and at the end of say 25 years (which is not uncommon for a long term rental) you will have paid out one hell of a lot of your hard earned cash and you will be left with nothing,. The landlord on the other hand will probably have gone through five "C" class Mercs lord knows how many cases of top champers etc., all at your expense. If on the other hand you decide to buy then it will be more expensive in the short term, but each monthly payment you make will reduce what you owe and at the end of you 25 year term you will be mortgage free and have a house worth XXX $ or £ , and also don't forget, when renting you can't choose your neighbours, when buying you can. Hope this has been some help to you. |
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Chris M
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With the market the way it is today, the better decision is to buy a house. Everywhere you can find houses that are being foreclosed or desperately awaiting sale because of the modern economy. Because of this, prices are low. So it is much cheaper to buy a house, in the long run, than to rent. |
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