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Current Apt:
$1500 including water, trash & sewer
the building is over 20 years old, however it has a tennis court, basketball court and 2 swimming pools (and we use them daily).
... |
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Additional Details
There ... |
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 Am I still responsible for a lease/apartment after the lease as expired? |
Hello, I live in Los Angeles, and have a roommate in a 2 bedroom apartment.
My current lease for my apartment is over as of Dec 1. I had given my landlord my 30 notice, and told my roommate. My ... |
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cad monkey 208 | Question from a first time home buyer? |
I plan on buying a home in the Sacramento area in about a year. I currently have a student loan for about 26,000 with an 8% interest rate. Am I better off asking for extra money on my mortgage to pay the loan off or wait for the home to build up equity and use that? |
 |
 
HandyMam
 |
Good question--
With new lending rules, it is almost impossible to find a mortgage that will allow you to get money back unless you have put a large down payment down. However, if you have the money for a down payment that is larger than 20% down, why not use that to pay it off.
The financially smart thing to do would be to see if you can find a place to invest your money that would pay you more than an 8 percent return on your money. Actually you would probably need even less than 8% because don't you get a tax deduction on the unpaid portion of student loans?
Also, before buying in this market (ESPECIALLY Sacramento--it is in the Top 10 housing overpriced markets right now! Just last week, Sacramento was slated by five top economists nationwide to drop 31% in asking prices over the next three or so years. Be patient or you could find yourself owing much more than a student loan payment if you bought now and tried to sell in a few years. You could potentially have to bring a third or more of cash to the table just to get out of the house!
Check out this link--it applies Nationwide right now.
Good luck. |
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matzael
|
Well you're not going to be allowed to get cash out of a purchase in order to pay off other debts. The only option would be to buy the home and then take out your equity later to pay off the student loan. |
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John S
|
no, you can not borrow money at the time of purchase for anything other than the home. if you are looking to put a nice down payment, you may wish to apply for a "convenience line" home equity loan as well then use that to pay off your student loans. this way you might have a little more interest to write off when tax time comes since the debt will now be tied in with your home. |
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Derric Mac
 |
First off, you can't add in any additonal non-home expenses into your home loan, they just don't do it and I know because I tried. And I certainly wouldn't recommend taking out your homes equity to pay off the loan. That's just shooting yourself in the foot. |
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mazziatplay
 |
Borrowers cannot get cash back on a purchase, only on a refinance. Theloan is for the purchase of the property and cannot include any additional funds. |
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MIREYA - SUPER WOMAN!
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YOU CAN'T ASK FOR MONEY IF YOUR HOME HAS NO EQUITY... JUST KEEP YOU STUDEN TLOAN PAYMENTS GOING.. THE MARKET SUCKS RIGHT NOW! |
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Searchlight Crusade
 |
You cannot get cash above the purchase price at purchase. Every single way that promises to do this is *FRAUD*, and people do go to jail for it.
Once you're in, if the value appreciates, that's something else.
For qualification purposes, pay existing debt off it you can, at least thirty days prior to any mortgage inquiries.
http://www.danmelson.com/2007/05/loan-qualification-standards-d.html |
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matsonb
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Your first option will not be an option. No lender is going to give you money beyond your homes' sales price to also include your student loan. http://www.choicerealestate.net/ |
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Dog
 |
Your student loan may be 8%, but I'm sure it's not amoritized over 30 years like your home loan probably is. Unless you're buying your house way under real market value, you'd be upside down from the start by wrapping your student loan into the mortgage (negative equity is bad).
Waiting until your home builds equity then taking a 2nd and paying off your SL could put you in a similar situation. You wouldn't be upside down necessarily, but your net worth would move back down to ZERO and the actual amount you'd spend to pay off the SL could increase dramatically.
Unless you could get a 2nd with better terms (lower rate and equal or shorter time to pay) paying your SL with your home equity would be a bad idea. |
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VAgirl
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Don't role a student loan into a home loan. Check the specifics on the loan but most student loans are forgiven in the event of your death (god forbid) so your spouse isnt stuck paying them if you pass. Role that bad boy into a home loan and no such luck. There are other con's to doing that and few pro's. Read over your loan info but in most cases no way. |
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