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The Cost of Renting

Sushil
Did you know that more than a third of American households are inhabited by renters? For those tenants, navigating the relationship with a landlord can be tricky. But renter's have rights (they vary by state and local jurisdiction). Learn more about general renter's rights , and learn tactics for negotiating lower rent (yes, it's possible!). And be sure to check out the interactive graphic below to see the cost of renting across the U.S. We want to know: How much of your income goes to rent...Read More...
Last Reply By A.J. Young Jr · First Unread Post

Topics

When to Refinance? Any thought frameworks?

CJ H.
We Refinanced in Dec 2019 to a 30-year loan at 3.75, and Refidesk is saying we can get a 3.25 it looks like. We have a Jumbo Loan so the .50% rate difference is a big monthly saving. I am not sure about the cost though, Refidesk is saying 5,500. If it costs 5,500 then it makes sense to refinance right? It just seems like I refinanced recently. Any train of thoughts around correctly think about this?Read More...
Last Reply By redcatcec · First Unread Post

How Much Does a Hard Credit Check Ding Your FICO Score?

AnneFromBoston
I am getting closer to buying a condo, and I want to keep my FICO as high as I can so I can get the best mortgage deal for my situation. I want to apply to Care Credit to have some dental work done, and I am sure they will do a hard credit check. How much will that one hard credit check reduce my FICO score? Will that amount significantly affect my FICO score and my mortgage deal? (FYI, I pay all my bills on time and carry no debt of any kind.) Can anyone advise me?Read More...
Last Reply By Arica · First Unread Post

Mobile Home purchase

Linda Rae Kimsel
Hello, I would like to know the most affordable way to buy a new Mobile Home. I don't make much money but am almost 51 and am finding it hard to keep up with expensive, monthly rent payments. I don't know what my credit score is. I tried equifax as advised by Penney hoarder but all I received were tons of marking calls and emails! NOT a credit score! I appreciate any and all helpful input. Thank youRead More...
Last Reply By Linda Franzle · First Unread Post

Previous Foreclosure on a Home Loan

Howard Freeze
Six and a half years ago, I had foreclosure on a home loan, since that time I have worked my way up to having a 797 FICO Score with no credit card debt although I do have a $26,000.00 personal loan. I would like to move to the San Antonio, Texas, area and buy a permanent home within 90 days. Are there mortgage loan companies that make home loans in my situation? If so, suggestions would be appreciated.Read More...
Last Reply By Howard Freeze · First Unread Post

What the banks don't want new homeowners to know!

Leo S basebybase7
I think this is perfect for this topic, because people buy houses but the average person don't know this. Including a bunch of real estate agents. I seen it first hand I was at one of our meetings and the one doing the presentation ask how many realtors are in the room and a bunch raised their hand. This strategy works for your own house, credit cards, debt, student loans, etc including rental properties it's a POWERFUL TOOL in reality it's just solid education . Don't just my words for it...Read More...
Last Reply By Deborah Poole · First Unread Post

Would You Buy a "Tiny Home"?

Kirsten Cherry
My husband and I have been obsessed with tiny home living since we heard of it years ago. We always wanted to try it out, but then we had a kid and the thought of living in 200sq feet with a toddler sounds horrendous! But there are still "tiny" homes out there that are just big tiny homes! I'm talking under 1000sq ft for a family. It's not something people in the home-buying process usually look for, but it definitely intrigues us! Would you move to a 960 sq foot house?Read More...
Last Reply By AnnieB · First Unread Post

First time home buyer

Elizabeth A
Is there any way to get very low cost funding to buy a First Time Buyer Home that is minimum 1200 sq. ft. house with Finished Basement, 2-3 BR, 1+1/2 Baths and with only $5,000 Cash saved up (but I'd like to keep $1,000 of that $5,000, if possible) to apply towards my Down Payment & inspection, title search, any other up front costs? Any clever short term ways to do this? I want to get out of this 30 years of trailer park living and buy my own house! Elizabeth ARead More...
Last Reply By Rhonda Parks-Gutierrez · First Unread Post

Organizations that will buy your home "as is"

Palmer
Recently, we have gotten solicitations from a few organizations (i.e. "We Buy Ugly Houses") that will buy your home as is. This helps the seller by not having to put the home on the market, stage it or fix existing problems with the home. Some even claim they will pay for all closing costs. I was just curious if anyone has had experience with organization/s like this? I appreciate any information that may be offered.Read More...
Last Reply By Renee Border · First Unread Post

Home Sale and buy

Ivy Fussell-Raymond
My husband and I are low 50's and we bought our home in 2017 via VA Loan. We live in a HOA community but we would rather by land now and downsize to a modular home. We are working to fix our credit and perhaps sale by the end of next year. Does this plan sound doable? What are some other options to living a more simple life.Read More...

Renting vs. buying a home — how did you make your decision?

Maryann
I know there are a lot of opinions on whether or not it is best to rent or buy. It's one of the toughest decisions to make, and I truly think there is no right or wrong way. With that said, I was curious to get your take. From personal experience, what are your thoughts on pros and cons of renting? How about buying? Which has been more friendly to your wallet? What factors did you consider when making your decision?Read More...
Last Reply By redcatcec · First Unread Post

Mortgage

Hi I actually feel so stupid asking and I could provide more details if anyone is willing to help..... how do we get a 30 year loan and we are on year 16 and our balance has only decreased by a few thousand dollars. I know interest is paid first then principal but how on earth is 90% or more going to be paid at the end of the years remaining? Again, feeling very stupid. Ugh!Read More...
Last Reply By redcatcec · First Unread Post

Home buying VS renting

Wendy Pippin-Yarberry
I am in my early fifties and as I was growing up measure of whether you were successful or not with whether you (and a spouse of necessary) owned a home Those days are gone I'm afraid as the wealth gap, the lending crisis(Ty banks🤬), and other (ahem!) weird happenings in our country have bred a climate of instability, distrust and separation. Students are going to school and getting master's degrees and ending up back in their parents basements because there are no jobs for them. As these...Read More...
Last Reply By David Toelkes · First Unread Post

Non traditional homes

Tiffanei Terrell
I read a great Penny Hoarder article some years back about living in a trailer. I would love to see more articles, especially now, about non traditional homes and people successfully living in them-like trailers, van dwellers, small shed dwellers, etc. I am eager for creative types to start thinking outside the box in terms of what is or is not possible for long term residential dwelling. ThanksRead More...
Last Reply By Gabby · First Unread Post

Buy now or wait a year?

Jobelle Collie
I need to build a home that has handicap modifications because I plan to age in place and NEVER go to a nursing home. I already have a home health nurse, but may have to expand her role as I become more aged. My current home has a negligible mortgage (about $5000 USD) so when I sell it, I’ll make my money back I paid for it. I’ve been looking to move for about two years, but finding the right builder, land has been a hard nut to crack. So I went to a real estate attorney to put me in the...Read More...
Last Reply By Jobelle Collie · First Unread Post

Seeking Opinion on Loan Estimate for Multi-Family | FHA 1st Buyer

I'm purchasing a multi family at a purchase price of $314,000 with $9k back for closing costs, prepaids, escrow. I'm Using FHA MA Housing First Time Buyer Program w/3.5% down payment assistance program (the 3.5% down payment is financed at 2% interest for 15 years). I'm seeking opinions on whether this loan estimate is fair and which fees are negotiable. Is the origination cost the lenders "Commission"? What would be a fair concession amount to ask for from the lender for, if any? See pics...Read More...
Last Reply By mintjulep · First Unread Post

Finding a rebuttable Agent.

Jobelle Collie
I’m disabled and have a service dog. Viewing homes with him has been terrible. Also, some Agents don’t want to work with me because of my limitations. No stairs, etc. I know I can sell my current home, I will be debt free in six months (July 20) and have a downpayment, even though I can go VA with zero down. My credit score is good and I’ve been pre-approved for a new mortgage. The only sticking point is finding an Agent willing to work with a disabled person with a service dog. Any ideas?Read More...
Last Reply By mintjulep · First Unread Post

In the market for a home?

Ashlee
Here’s how to qualify for a conventional loan, which could save you thousands. Click here to read the full article.Read More...

This week in... The Penny Hoarder Community

Ashlee
Happy Friday! Whew! Where has this week gone? Here’s your weekly round up of announcements to get you through today and into the weekend... We’ve crowned our November Member of the Month. Join me in congratulating Lisa Acu ñ a (@lismox) for being selected this month’s winner! We all appreciate your help around here, Lisa. Each month we look to crown a new winner. We’re looking for someone who is super helpful and active in the community. Each winner receives a $25 gift...Read More...
Last Reply By AverageJoe · First Unread Post

want to build credit

Katie J.
My husband and I have been living in a house bought my parents bought, while we pay monthly rent. This was because we were struggling financially and had poor credit. We are now at a point where our credit is much better and are almost debt free. Our current credit scores are much improved, but are lower than they could be due to the fact that we don't have any real estate payment history. We would like to get into a larger home and better school district within 8-12 months. So my question...Read More...
Last Reply By RayB · First Unread Post

Happy November!

Ashlee
We’ve made it to the end of the week and the start of a new month Penny Hoarders! Who here can’t believe it’s already November? 😳 This week I want to know if you’re a planner or a procrastinator… Do you start planning and budgeting now for holiday purchases or wait until the last minute? What about your New Year’s resolutions? And now for this week’s announcements… We just hit a HUGE milestone Penny Hoarders… 10,000 community members! Join us in a celebratory happy dance, then go check out...Read More...
Last Reply By AverageJoe · First Unread Post

3rd Kid Coming; Should I buy a bigger home?

Hi, I am a single mother by choice of 2.5 year old twins and I plan to adopt a third child within the next 7 months. I live in a 3 bedroom, 2 bathroom 1,500 sq ft house and my mom moved in to help me with my sons. So, there are 4 of us in 3 bedrooms and soon to be 5! I make $240K/yr and I have no debt except for the mortgage. I save 25% of my income for retirement. I can pay off the mortgage in 3 years. I have not started saving for my kids' college yet. My thought is to do that once I stop...Read More...
Last Reply By mintjulep · First Unread Post
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