 Is it worth buying a house for only three years? |
| I will be stationed at a military base for 3 years. Is it worth buying a house just for the 3 years I will be stationed ... |
|
 Renting vs. Buy a Condo.? |
My fiance and I are paying $715 for rent on our apt. We are in St. Louis, MO. We have been in apartments for the past 2 years and dont want to keep wasting money on them.
We found a nicer ... |
|
 Please help. I'm being evicted.? |
| I've got myself into a bit of bother. I'm behind on my rent as the council did not recieve the housing benefit forms. I really thought that my mother posted them for me, but they didnt ... |
|
| What is the cost to rent a studio apartment in your area and where do you live? |
It starts at $1,500 here and I just want to know what's going on everywhere else.
Additional Details
I'm in M... |
|
 Moved into a house with garage full of previous owners stuff/tools and bits of old cars.. can i throw it away? |
| can the previous owner take legal action in gaining compensation for any of his belongings i throw out? how long can he expect me to not have use of my own garage for?.. it is rammed full of junk. W... |
|
 Im 14 can i rent my own place? |
| im turnin 15 in nov. and can i rent my own place like a apartment or a condo or ANYTHING on my own without a parent. i live with friends and i want my own place. i dont have a home. i go from one ... |
|
| Is it legal to tell a tenant that they can't change the temperature in their apartment? |
| Today I was helping someone move. It was quite hot in the house, and someone asked the person moving out if they could turn the heater down a bit. She said she couldn't; it was against the ... |
|
 Can you be 17 years old and buy a house for sale in California? |
| I'll be 18 in 6 months, I have inherited a lot of money, enough to buy a house, but I'm still not sure if a 17 year old can buy a house for sale in the state of california.... |
|
 I have a roomate who drinks, and I rent from him, he took my $500 deposit and spent it, what is my recourse? |
| I have been renting for about 3 weeks here in Sheridan, WY which is almost impossible to find any kind of housing. He was a nice guy at first, but now it is beginning to be a nightmare. I have an 11... |
|
 My council house i can buy for £54000, or should i continue to pay rent and chuck money down the drain.? |
the rent is £64 weekly or i could get a mortgage what would you do i have lived in my councilhouse for 10 years
Additional Details
thankyou for the replies so far the house was valued ... |
|
 Can i get evicted? |
| I privately rent a house, i informed my landlord on the 26th of october 06 that i had damp everywhere becus of the rain we have had, he said he would sort this, ive been sending rent every month but ... |
|
 What is the average cost of a home in your area? |
| I watch Flip this House and am amazed how much these home cost to start with. Like a 1200sqft home will cost 235,000.00. Where I live you can buy homes like the ones they do for around 25,000 to 40,... |
|
 I'm 24, I was going to get house, I can afford, but then I wouldn't have money to have fun? |
| I just paid 600 to get out a plan to get a home. I make enough money to get house, so I decided to get a real big cool one. But when I was in the process of the getting the loan I regretted it. For ... |
|
|  |
Mr Jiggle Pants | Why do people buy a home they can't afford and get a mortgage that isn't fixed rate? |
Now look at these idiots. Forclosures surging and people making late payments. I saved for my home for 17 years and then in 2003 put a huge downpayment and got a fixed rate @ 5.25 %...IT CANT MOVE from that rate. Unbelievable how many stupid people out there! Yeah, go ahead and blame the lenders but it is not their fault.
Additional Details
to the BAD KARMA lady....I didn't just save cash, I invested my money and made much more than buying a home 20 years ago....you don't have a clue about me. |
 |
 
iceman
|
I agree. Why anyone would not get a fixxed rate is beyond me. Its is not worth the gamble at all. |
|
productjunkie
 |
You pegged it...people can be stupid! They bite off more than they can chew, more than they need then can not afford it later. Sad, since they don't realize how easily it can be avoided...or how badly it hurts their credit.
I personally don't understand the lure of the variable rate...yeah it's good today but you don't know what it will do in 6 months or what you'll be doing in 6 months.
All i can say is take advantage of their stupidity and buy their fancy place when it's in foreclosure...you will get a good deal!! |
|
stupido#1
 |
people are always trying to "keep up with the Jones" and never publically admit that they haven't been able to. So in order to keep the game going the go for ARM mortgages that lets them buy into a bigger house and a better neighborhood than their salaries and income would otherwise permit. Greedy bankers are more than happy to put you in over your head so they get the property for pennies on the dollar after you go BQ |
|
joatman71
|
If I can buy a $300,000 house today and sell it for $400,000 next year, than I would do anything I could to get into that house. Even interest only or ARM payments at $2000 a month would be only $24,000. When I sell the house I make $76,000.
Many people have made a lot of money this way. Many people have lost a lot. |
|
Yanswersmonitorsarenazis
 |
If you had put less money down on your home and bought sooner, you'd have more equity than you could have possibly saved up in cash.
And ARMs can be appropriate for a lot of people, if taken for the right reasons. If that's the only way to qualify for the home, that's not the right reason. Knowing you'll move within 5 years, that might make more sense to take a 5-7 year fixed rate loan.
Fact is, 90% of loans are gone after 7 years. They either refinance or sell. So most people could save money by taking a shorter term ARM. Most people shouldn't probably refi as often as they have, but that is cyclical anyway.
But I'm glad you feel nice and secure with your low fixed rate, and I hope you take full advantage of that by staying in that home and in that loan for a long time. It's not the right path for everyone, but there is no one right path for everyone. Good luck. |
|
blcria
|
It's all about keeping up with the Jones'. |
|
Arabs
|
you are right ...
i don't know what they are going to benefit from these stupid things ...
they are not going to gain anything, they actually are going to lose many things... |
|
gimp3836@sbcglobal.net
 |
I know, I tried to talk a friend out of being dumb. It didn't work, now he is working three jobs, his wife has one and they are slowly circling the bowl.
His problem is he still doesn't understand that after the mortgage company takes the house that he will probably still owe money on it. Yep, he bought at the very highest point. He hadn't owned his house 30 days before he was upside down in it. Sad but true, most Americans make instant coffee in a microwave oven. We just have to have everything YESTERDAY. |
|
autumn
|
Sometimes people can only afford an ARM w/ the hopes of coming into money and refinancing into a fixed later. I wouldn't call them idiots....(except maybe for the ones who are buying a bunch of crap instead of paying for their mortgage. )Everyones situation is different - who are you to judge? |
|
~*~*~*~*~*~*~*~
|
I agree with you to a point. I know personally that I cannot afford a home of my own (yet). However I know that I have had NUMEROUS lenders call me and write me letters stating how they can approve me. I know that I can be approved but can I afford it with other finances I currently have? My personal answer is no but that doesn't mean I can't get approved. I think people hear similar things that I have heard that "they can get approved and own your own home" and can't resist it. One of the biggest dreams people have in the USA is of owning a home with a white picket fence...they just don't think through the consequence. |
|
twv706
 |
If you have bad credit, the lender sometimes require you to get a adjustable rate mortgage. Other people are just don't understand it and see the initial lower interest rate. |
|
Lets get some shoes
|
Because people are just eager to become home owners and some will do anything just to own one. And a lot of people don't know anything about buying a home and just listen to whatever is told to them. It almost happened to me...but I backed out at the last minute...thank God!! |
|
open4one
|
I don't know the answer to your question "why", but apparently some of the sub-prime lenders did. That's how they managed to sell these loans.
A better question might be to ask why these lenders did that, considering that they are losing buckets of money on every foreclosure, and that loss most certainly IS the lenders' fault. |
|
dmvariety
|
Since you got your **** together what does it matter to you. Are u going to help them get it together "Shouldie Happens." Further more if the people purchased a house at the time they could afford it. I hope you do not think you **** don't stink. |
|
nora22000
|
I think you got yourself a bum deal. Why did you pour so much of your asset base into home ownership? What will happen if your asset simply fails to appreciate, and all you get out of the scrimping and saving is a place to live?
Those who bought houses they couldn't afford made the same mistake you did--they put too much value on homeownership. |
|
Fatty
|
I can't figure it either, jigglepants. Some people are just ridiculous. |
|
☼Pleasant☼
|
You don't have to save for 17 years to get a fixed rate.
I helped some one get a nice house with a 100% loan at a fixed rate of 6.25%. His monthly payment is $1150. He ended up getting his earnest money back at closing, and a house! The best part is in 17 years, he will have a substantial amount of equity, much more than he would have had if he were just saving extra cash here and there.
ARMs, while not the best financial decisions, are not the mother of foreclosures, either. Many times it can be job loss, divorce, sudden medical bills, their company went under, etc.
It sure is refreshing to hear someone who thinks so highly of their own decisions, and loves to look down on others. It's so rare these days.
FYI you are setting yourself up for some bad karma bub |
|
Cardinal Rule
|
It boils down to greed. People thought home values would only go up, so they were willing to pay any price to "get in on the ride". They knew they wouldn't be able to make the payments in a few years, but so what- they'd be rich! And that philosophy actually worked for several years, so they're not entirely stupid.
What's really strange is the lenders who offered 100% financing. Mortgage business is about balancing risk-reward. By offering 100% financing, the companies hand over all the reward to the customer (all the appreciation) while shouldering 100% of the risk. Just doesn't make sense. The banks are going to get burned by this more than the individual homeowners. |
|
wishbone13569
 |
more is much better,.,.,.,. |
|
bob
|
YOU said it dude....idiots.... |
|
Felicia
|
Yeah, they take advantage of ignorant people. They let them think they can afford a house when they can't. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
21 | 22 minutes(s) ago
| | | |
21 | 27 minutes(s) ago
| | | |
21 | 51 minutes(s) ago
| | | |
21 | 52 minutes(s) ago
| | | |
17 | 3 hour(s) ago
| | | |
21 | 5 hour(s) ago
| | | |
21 | 6 hour(s) ago
| | | |
21 | 8 hour(s) ago
| | | |
21 | 10 hour(s) ago
| | | |
21 | 11 hour(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
