 30yrs fixed, Arm, Interest Only, 80/20???? |
My husband and I are thinking to get a new home in San Diego,Ca, there are so many types of mortgages that can be confusing, we don't know which mortgage is better.
Our credit scores is in ... |
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 Would someone give me a mortgage without a job? |
| I presently own a house without a mortgage. I would like to purchase another house with 20% down and use the rent from my current house to pay the new mortgage. My present house is worth over $350.0K ... |
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 Currently renting house about to be sold (not given in writing) Should I still pay rent? Do I have any rights? |
It's a family members property. No lease in effect, just a letter given at beginning of rental 2 years ago.
Additional Details
It's a family members property. No lease in ... |
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 Advice on how to sell a home fast in a tight real estate market? |
| I really need to get rid of this house fast.....does anyone know anything about auctions or companies that advertise to sell your home fast.... |
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 How long does it usually take to know if you're approved for a loan?? |
i recently applied for a home loan at rock financial and it's been almost a week and he haven't called me back with any information yet, should i just forget about it
Additional D... |
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 How to find house address? |
| So my mom called up the Realtor and asked for the House address we wanted to look at and she said she'd email it to us. So we gave her our email and its been 2 days and we keep calling her and ... |
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 How to sell houses fast.? |
| We need to sell our house fast but the market is bad. Any suggestions?... |
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 Can you sue your realtor for fraud? |
We worked with a realtor last summer. It was a rush deal (2 weeks...we had sold our house and the one we were buying beforefell through due to the owners fault)
This realtor was a dual ... |
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 Can i legally break my 1 year lease without penalty if i lost my job unexpectedly? |
| i work in the automotive industry and due to the slump automakers are in, many of us got laid off. we werent given any advanced notice of the lay off, we just came to work and saw a notice on board ... |
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 When renting in the UK....? |
Can you leave whenever you want, or do you need to stay for a period of time, i.e. 12 months?
My boyfriend and I are considering renting because we need to relocate but do not have a ... |
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 I have a service animal and my apartment is saying i have to pay a $200 fee for the animal. Is this legal? |
| I have been told that they can't charge a fee for having a service animal. Just wondering if anyone knows the legal facts regarding this.... |
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 Can an apartment manager tell me i cant have friends visit? |
| my best friend comes over while me husband is at work, so yesterday he told me " i'm goign to let this slide for awhile but then this needs to stop" this is after the fact he said i ... |
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 Can landlord changed locks before eviction notice? |
| Background...we have never missed a month of rent before. We told our landlord on the 5th that we were going to be moving this month. and that we would pay her the rent up to the day that we are ... |
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 Mold problems/getting out of a lease? |
| We have a mold problem in the bathroom of our apartment. The landlord had a new shower installed, and my roomate took pictures of what was behind the old one and it was horrible! I think the guy ... |
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 What Do I Charge? |
| I'm wanting to lease one of my bedrooms to a college student and I need your opinions. Would you pay $375 per month for a bedroom with cable, internet access, kitchen use, full bathroom, and all ... |
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 How can my GF get her roommate to move out? |
| My GF is 48 and has a same age room mate that was a friend. They have a 1 year lease with 6 months remaining. The lease is in Michigan and my GF is the primary holder and her room mate is considered ... |
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spammerz85 | When getting a first place, is it better to rent an apartment or buy a starter house? |
I have heard arguments for both sides and wondering what people think. Renting is usually just throwing money away in a sense and with a house can actually build credit. |
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Marysue
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Do you have any idea how long you’re going to live where you are now? If the answer is “no” or “less than five years,” rent for now. It’s risky to buy a home that you’re going to sell in 2-3 years; your value may not appreciate enough to cover your mortgage obligation plus the fees with selling the house.
If you are planning to stay in the area for at least five years, look into the differences in cost. I don’t just mean mortgage payments, insurance, etc. You definitely have to have a cushion so that you can cover repair issues; home warranties often have a deductible and usually won’t cover issues found in your inspection. And as far as I know, they won’t cover issues with plumbing, wiring, etc. My last apartment had a great location and amazingly cheap rent. When I bought a house, not only did my utilities all go up, my mortgage payment is triple what I was paying in rent. If I was still single, it would definitely be more appealing for me to rent. Not only would it be far less expensive, but I also wouldn’t have to rely 100% on myself to fix every little thing. |
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rulyg
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definetely buying a starter house. you can write off the interest on the house, and the equity you put into your house is like puting money in the bank. There's a lot more responsibilities with buying a house though. you have to pay taxes on it every year, and there's no one there to mow the lawn for you and fix your appliances. as long as you have some money saved up for a down payment, you should do it. it's a good investment. |
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Eric O
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A starter house is better if you can afford the monthly payment, utilities, and have extra money saved if something needs to be fixed. An apartment complex will pay for any repairs to their property. If you have the money get a house. If you only have enough for month-to-month type payments start with an apartment. |
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*Cara*
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Here is an example of how to look at it: My mom and step dad own their own home. Recently their furnace decided to stop working and they discovered the previous owners had put in a very cheap furnace and it was now dying. They were told it would be cheaper just to buy a new one rather than try to fix the old one. A new one costs $3000. Now, if they had been renting an apartment instead of owning a house, the landlord would have had to pay to get a new one, instead THEY do.
So basically it all comes down to how much you can afford to spend. A house comes with much more added responsibility, higher utility costs, etc. An apartment will cost less in the longer run, but yes, you won't be building equity. |
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geeloeeloee
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I agree that a house can build credit... which is good if you want to leverage your investments. But if you just want credit so can dig yourself into consumer debt, DON'T DO IT. Too subtle?
Renting gives you more freedom, and home-ownership gives you more responsibilities.
Short answer, rent first, decide what you really want, and in a couple of years buy it.
Houses aren't good inflation-adjusted investments. Put your money into stock or notes receivable. Hope that helps. |
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kapn
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It really depends on how much down payment you have...you need to understand home ownership can be a real pain...and if your not mechanically inclined and can fix 98% of the things that go wrong in a house it could be cheaper to rent.. |
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Cupid
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I prefer renting.. I owned a primary residence and sold it in early 2007. I am now renting again but I own a rental home also.. so I am renting a home, and I have renters renting another home from me. I know it sounds strange, but the way I see it is, if something happens to you suddenly where you need to move out, such as a job situation, getting laid off, a job change, etc. then you are screwed if you own a home with a high mortgage. Homes are extremely difficult to sell right now and many of them sit there for sale for a year or more. My rental actually has a pretty low mortgage, lower than my rent I am paying.. but a renter is actually paying more than the mortgage on it, so we're making a profit in the end. It just made more sense to me to rent and not purchase another home right away. I am all for the simple life and really hated having the stress of a high mortgage.
Owning a home does benefit you though, but if you want to purchase a home.. make sure you aren't sucked in by a lender who just wants to make commission, that is why so many homes are foreclosing. Use someone you know, if possible, and make sure you can afford a home first. Mortgage should be no more than 30% of your income or less. Best Wishes!
ADD: In response to Cara's post about having to purchase a new furnace.. you always want to buy a home warranty on a home you own (I have one on my rental property) which costs about $450 a year.. it provides you with fixing anything to do with a home, accept for things that your homeowners insurance would be responsible for, such as a flood, and costs you $40 for a service call. When you buy a new home, you can purchase this no matter how old the home is.. and keep it going for as many years as you would like. When you purchase your home, speak to your realtor about having this added in to your closing costs for the first year. Many sellers are including this for free for the first year as an incentive to buy.. then you take over the bill after that. |
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L1LVN
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Buy a starter home would be my choice. |
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Classy Granny
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When you can afford a down payment, it's always best to buy as soon as you can so your paying for something that is yours and not lining the pockets of a landlord that is free to tell you what you can and can not do. |
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hollywoodmelody
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First off it isn't always better to buy although that is what the market is dictating at the moment. If your looking to build your credit than definitely stay away from buying a home now.
Check your credit report and take care of any negatives that may be on your report. Don't worry about any medical bills but if you have any utilities or judgements make sure those are taken care of.
Also make sure you have at least 2 yrs of employment, and if you plan on having a co-signer make sure they do the same thing. |
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Katie143
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I think that if you are secure in your job and are sure you want to stay in the area you are in then why not purchase a small starter home. Renting is wasting money and with a small enough loan your payment will probably not be much more then renting. Rates are really good right now along with the fact that it is a buyer's market so you will have lots of options. Also, you will be able to write off the interest you pay on a mortgage at tax time. |
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