 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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 Renter's rights question? |
| My husband and I are currently renting. The garbage disposal is broken. We talked to our landlords about this and they said they would reimburse us for a new one but would not pay for the labor to ... |
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 Will i owe on lease? |
| I want to leave live in boyfriend and move out this weekend. have paid rent of may 1st, but will i have to pay every month until he finds another roommate?... |
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 In UK how can house prices have almost doubled in the last 10 years when wages have hardly gone up at all? |
| To compare - how do, or how can people manage to pay their mortgage? Also the rate of inflation in UK is based on "items" "chosen" by the government in their favour each month to ... |
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 I have a house for sale and a buyer that's interested. How do I sell it with out a realtor? |
| Also, I live in Oklahoma but my property is in South Carolina. Any info would help. Thanks!... |
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 Does a huge house mansion have about the same bills as a small house? |
I mean by like gas and electricity would it cost so much more because is a huge house or will it be similar to a small house bills...
like if i bought a 500,000 home would the gas and ... |
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 Will they take it all back with BANKRUPTCY? |
| I purchased furniture and jewelry with credit recently, but now our home is upside down and inside out and my husband's business is down the drain and will be sued by vendors. Can they take it ... |
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 Moving Out Advice? |
| I'm moving out of my house when I turn 18. Which is in about 5 to 6 months from now. I have a job, I'm saving up money, and I already have a car payment I'm stuck with. I know I'm ... |
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divinemadness | 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, no money for a down payment and first time home buyers... what would be better for us to do?? what should we do? pros cons??? |
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zerohabit
 |
How 'settled' are you? Are you married? Kids? I ask because if you are, and you live where you want your kids to be in school, etc., buying makes much more sense because you'll start building equity. When you rent, you're not building yourself any equity to potentially use in the future. However, if $1800/mo is beyond your means of living, I certainly wouldn't recommend it, so maybe you could find something that isn't as expensive. Find a home that you can build onto in the future (that you would use your equity to borrow against and improve the value of your home for later resale). Good luck. Also, as a 1st time homebuyer, with no real credit, you have advantages and there are lots of lenders that will give you no or little downpayment options - ask around. |
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Leo Lion
 |
I hope to provide you with some solid ideas which can be of some help.
Since both scenerios come out about even, the main question has to be, are they truly affordable to your current incomes?
The one that always wins out in the long run is real estate ownership.
It has far more advantages going for it, but I would have to use the word "caution" with an exclamation point!
Real estate has not shown itself to be the "darling" it was for a long period of time, in the past two years.
Also, you must have sources available should your property need attention, and most will need all sorts of things (I don't mean the ordinary cosmetics).
With any house/land situation, there could be many things you will least expect happen.
With paying rent, you get nothing but receipts and are subjected to having to move at whim. Through property ownership, you get tax advantages of writing off real estate taxes and mortgage interest (have you included that advantage in your calculations...could work out to sizeable tax break).
If you enjoy where you are located, have found some reasonably priced properties, feel they offer afforable living which is also enjoyable and not too self sacrificing, then I'd opt for buying.
However, pay close attention to the location, make sure it's a healthy area with growth potential, see that the real estate taxes are not going to gallop away on you, and the house itself, make sure it sits high and has a basement (not in a flood area or anything like that).
A lot to check before you make a big committment.
I wish you all the luck, and maybe this advice will one day come back to thank me.
I know any wrong advice given regarding any kind of investing (real estate is an investment), can lead to dire consequences and bitter feelings. |
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shaneshomes
|
As for the down payment, you can go FHA and have the seller pay the 3% for down payment (Nehemiah, American Gold, American Dream programs are out there to use). You can also go with a conventional loan and get 100% financing if you have the credit score of 650+.
The big question is, do you want to own a home right now? Renting to buy means just what it says; rent until you can buy it. Generally the seller is going to want a little more money down than just a deposit, and should contribute some money from the rent each month to help with closing costs and prepaids(determined by the contract) You have to be careful and read the contract completely to make sure you do not default in any way or the seller will keep your deposit money and get someone else in there.
Renting- You get to try out the place/area for a year to see if yo like it. You do not get any extra tax credits while you rent or while you are renting to buy either). The biggest 2 benefits to owning a home is tax credits and pride of ownership(appreciation).
You can go to my website on the buyers page, there is a Rent vs. buy calculator that might help you with your decision. www.searchhomesinindy.com
Good luck |
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atg28
 |
Buying a home depends on tons of factors, but similarly to retirement investing, starting earlier helps in the long run.
It depends if you want to stay in the area. The general rule of thumb is a 5-year stay. If you think you'll still like the area and have your job for 5 years, consider buying a home.
First time homebuying sounds like a good deal, but the numbers you mentioned, it's not feasible. You'll probably lose money on the deal if you go that way. The general rule of thumb is about 10% down payment with an additional 3% for various costs (broker, inspector, etc.). These days alot of people have been swinging smaller properties with 5% down and still the 3% additional.
Check your credit report. Get all three free credit reports and find any outstanding credits or balances remaining in your name. Rectify those items ASAP because you need to get the best possible credit rate from the bank. Only the top credit scores get the best credit rates from the bank. You may think one or two credit reports are the same, no, there will be a small difference between each and that's what it might take. Obvously, pay down the high credit card bills and prove to the bank you have an objective to have a strong financial background.
You also mention 1500 with hot water and electric. You'llhave to consider those costs in addition when you purchase a home including maintenance fees about the home.
This isn't an easy decision but a good one to make. Good Luck! |
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dreamer
 |
Buy |
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s7lmb
|
If you are a new/no credit then I would say that you are young. Which would lead me to my next question of why would your house payment be $1800. You need to start small and pay attention to your surroundings such as what school district you are in, what do your neighbors house look like and what have they sold for.
Work with a Buyers Agent {Realtor.} You would be wiser to save at lest 10% of the down-payment and thereby forgo the PMI (private mort. insurance).
Also, I recommend that you NEVER buy a house with someone that you are not married to unless the house is 100% in your name. Remember that a morgt. is NOT a lease. You just don't walk away without MAJOR damage to your credit that will take you Years (10+) to clean up.
It is always money wise to buy then rent. After all when you rent you are just flushing money down the drain that you will never get back. Where owning is like a savings account. You are putting money in ever month plus gain interest (equity) plus you can write your interest off every year on your taxes (if you qualify)! |
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Tee
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no credit means no loan. you are lucky u can even rent. most places check credit now anyways. it doesnt matter how much money u have, if u dont have credit, u wont get a loan. its best for u to stay renting, save your money and build your credit. that is the best way to ensure you get a good deal, and maybe lower mortgage payment later on down the road. |
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stevenmatthewsummerlot
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I believe in buying things you have the money for. While you will be paying toward owning a home as opposed to renting you will be in debt for what you owe on the home then inability to sell if you cannot make payments does not simply evict you it bankrupts you. My wife and I worked hard, payed rent, and saved like gangbusters then bought our first home out right. Also I do not know the cost of living where you are at but you may be able to rent an apartment for a third the cost of your townhouse then have an extra 12,000 a year in you bank account (home fund)! Check out Dave Ramsey a personal finance guy who simply teaches about all these fun things about money that effect our lives. |
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Drew
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How stable are your jobs or income? how long do you want to stay there.
http://www.breakingbubble.com/ |
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marshallhiroshi
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Hello,
More information is needed in order to decide which is going to be the best option for you.
Things that you should consider before making a decision.
1) what kind of structure is the "home" that you are thinking of getting? Houses are of course much more desirable than other dwellings. One of the worst single family dwelling to get is a condo (which was converted from an apartment) because not only is it old, but the volunteer association may not keep association fees at a high enough level. This in turn leads to more wear and tear (and a devaluation) of the property.
2) There are other factors to buying a house other than mortgage that you need to consider.
a) Taxes (a huge often overlooked area)
b) Insurance
c) Gas Bill
d) Maintenance
3) What are the exact terms of the loan? Is it an adjustable rate or a fixed rate? An adjustable rate loan seems risky in your case because an increase in the mortgage amount seems fatal (would send you into foreclosure). Another thing to consider whether you have to pay money to obtain the loan
4) What state and what city do you plan on living in? The more likely the area is going to grow, the better reason to buy a home.
5) What is the exact dollar amont of your tax break will you recieve. |
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edzki
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Are you newlywed? Personally, i find renting a little of a trouble because you'll be paying for it but will never own it. Why not start with a simple and cheap house espcially that you don't have your money yet. Probably, as a start, you can borrow from your relatives a little amount that could be used as a downpayment. Stretch the blanket first, then save and little by little, invest on your house and enjoy living there for good. |
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Eric Fernwood
|
Comparing the financial difference between renting vs. buying is not easy. I've looked at various “comparison calculators” and the one that I feel is the most impartial is one provided by Ginnie Mae, a semi-government organization.
The calculator on their website requires minimal information but it provides a realistic estimate. The information the calculator requires is listed below along with recommendations if you don’t know the answer to some of the questions. Please note that this calculator does NOT take into account the single biggest advantage of home ownership after appreciation: tax savings. You can generally deduct all taxes and interest paid on a home mortgage from your taxable income. This is a huge advantage of home ownership and is alone usually sufficient to justify purchasing a home as opposed to renting.
You are asked a few questions with the Gennie Mae Calculator. Here are the questions (other than price) and possible answers.
Percentage of Down Payment: Enter 0% down unless you are rolling over proceeds from a prior home.
Length of Loan Term (years): Most mortgages are for 30 years.
Interest Rate: Use 6.5% or even 7.0%. However, depending on your FICO score you can readily get lower rates.
Years You Plan to Stay in This Home: The national average is 5 to 7 years.
Yearly Property Tax Rate: Use the default 1% to be conservative.
Yearly Home Value Increase Rate: We are all in a housing slump at this time so this is a hard number to guess. I would use 5% if you are holding the home for 5 years or more. However, in some areas of the country there was no appreciation even during the recent housing boom times. So, this is something you will need to research for you particular area.
Here is the calculator:
http://www.ginniemae.gov/rent_vs_buy/rent_vs_buy_calc.asp?Section=YPTH
Eric Fernwood
Eric@ISellLVHomes.com
http://www.iselllvhomes.com/ |
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shefoxy
|
Most lenders will not lend you money to buy a house unless you have a credit rating, have been in the same place of employment for a full year and have some proof of substantial savings over a period of time (like a deposit). Unless you meet their strict standards you will not even qualify for a loan approval, so you may be renting for a little while longer yet! |
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RyGy
 |
Buy this property.
1.You will get a better tax break eough to cover $1800
2.try and get a lower price. All homes are cheaper than last year. Ask your agent to gift their commission to your closing costs.
3. See if the owner will hold part of the note. (silent second)
4.Why give someone 1500 a month that you dont get any appreciation on.
5 YOU WOULD NOT BE ASKING IF YOU DID NOT WANT TO. help stimulate the economy.
6. if you wait you will take a higher rate later and you will spend more money on renting.
7. Dont be scared of buying a home.
8. Get the cheapest deal possible with the longest fixed rate.
9. People move or refinance every 3 to 5 years. this will not be your last home if you buy it is just a STARTER HOME.
10. Keep making your landlord rich while you struggle to keep food on the table. there are many gov programs that can give you free money for your home. DO NOT LISTEN TO the above people telling you not to buy. They are scared they will lose their jobs because of rates increasing. You will change your life for the better if you buy.
DONT BE SCARED
LIVE THE AMERICAN DREAM
YOU WORK TO HARD TO RENT! |
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