Users Online Now:
GLP Poker Rooms
GiveMeGossip.com - Gossip Forum
Donate To GLP
Back to Forum
Back to Thread
REPLY TO THREAD
Anybody in real estate?
Ms Sans Serif
In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Tex 20929967:MV8yMDY3OTQ5XzM0Nzk2MjA4XzJCQ0Q0NDcx] [quote:Anonymous Coward 4555299:MV8yMDY3OTQ5XzM0Nzk2MDc4XzY3MDgwNkQ4] Not a Real Estate Agent here but have been through the process several times. First of all, I cannot imagine anyone wanting to be a home owner at this particular time because of economical and other reasons (Fiscal cliff, Tax increases or loss of home owner deduction), etc. Much better to hold tight and rent untill things get better. If really firm on wanting to own then you might consider buying a house that is headed for foreclosure. Motivated sellers there. Another option would be to buy a foreclosed house for 10-15 thousand and spend the rest of your savings putting it back in livable condition. Most have been vandalized (copper plumbing, wiring, air conditioner unit, etc.). Things to think about. [/quote] Actually at this price level this person wouldn't have enough interest to offset the standard tax deduction. That said, the credit issue should be fine. Better than most - bankrate.com has mortgage calendars to see what the payment would be. 20% down on a $70,000 loan is $14,000. That leaves a mortgage in the amount of $56,000. 56,000 at 3.5% for 30 years is $251.47 56,000 at 3.0% for 15 years is $386.73 You need to add Property taxes and homeowners hazard insuance to that amount. With the 20% down you are not obliged to pay mortgage insurance. You should never pay a realtor to talk to them. My first home was a bank repo - they supplied the mortgage since I was purchasing one of their homes. Keep the rest of your cash for savings. You never know what might happen in the future - to the home or to you. When looking at the mortgage interest rate - take into account the points that they are charging on the loan. You have to add the interest rate of the loan with the origination points charged for the actual loan. For example: a 3.25% loan with a 2 point origination fee actually costs you 5.25% a 3.75% loan with no origination fee actually costs you 3.75% a 4.0% loan with a originatio fee of -.50 (yes some loans pay you for taking a higher interest rate) will actually cost you 3.50% Hope this helps. Tex [/quote]
I officially now have $30,000 saved up to buy a new home howeber I have very little credit. I only have one Visa card that I've had about 2 years. I get many offers in the mail just havn't followed up on getting a second one yet.
But If I'm looking for homes priced around $60,000 to $80,000 and put up around $20 to $25,000 for a downpayment (including closing costs) does my credit score really matter? My goal would be to have my morgage around $350 a month or cheaper. I take home after taxes about $1,400 a month.
First time home buyer so any help GLP can offer I would greatly appreciate it.
Pictures (click to insert)
Big Round Smilies
Aliens and Space
Friendship & Love
Misc Small Smilies
View All Categories
Next Page >>
Documents: National Guard Ordered To Consider Americans As 'Enemy Forces' And 'Adversaries'
Video: Armed National Guard Troops Patrol Residential Streets in California
New Japanese beer claims to have anti-aging properties
California’s Foster Care System Doles Out A Shocking Amount Of Drugs
NLRB May Gut ‘Right to Work’ Laws
Obama’s White House Opens All Gender Restroom To Support Radical LGBTQ Agenda
Mysterious Blob In Pacific Ocean Is Fukushima Death And It’s Coming For Us All!
Dying Senior Scientist Shares Insider Truth About Area 51, Extraterrestrials,UFO’s & Anti-Gravity
The Elites Are Feverishly Preparing For Something Big
Researchers believe a biological revolution enabling humans to experience everlasting youthfulness..
Want to Record The Cops? Know Your Rights
Get Vaccinated or Lose Your Medicaid?
Expert Says “Banning Cash” The Only Solution to Negative Interest Market Problems
US transfer of internet control stalled
US Military working to build sensors that never die, enabling persistent surveillance in remote places
Have you heard ‘the hum’? Mystery of Earth’s low droning noise could now be solved
PRISON LABOR COMPANY FEATURES PROMO VIDEO TOUTING “BEST-KEPT SECRET IN OUTSOURCING”
Yuck! More Soylent Green! - Japan scientist synthesizes meat from human feces
3rd Graders Rejected From Class Trip Due To Race
BOMBSHELL: Major New Book Exposes Stunning Act of Fraud That Got Obama Elected
State Department Spending $45,000 to Train Video Bloggers in India Five ‘vlogging’ workshops
Live from the George Soros Secret Donor Retreat
Monsanto Admits There’s A Whole Department Dedicated To Discrediting Anti-GMO Experts
Pick Again: Pesticide-Laden Fruit Found To Cause Infertility
Obama’s Pentagon Says The Bible, Constitution, And Declaration of Independence are ‘SEXIST’
Disclaimer / Copyright Info
with questions or comments about this site.
"Godlike Productions" & "GLP" are registered trademarks of Zero Point Ltd. Godlike™
Website Design Copyright © 1999 - 2015 Godlikeproductions.com
Page generated in 0.005s (5 queries)