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Tagged With "Home Buying"

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

Olivia ·
We had never been a position to purchase a home until recently. My husband is a pastor and we always lived in parsonages. With his current call we have a housing allowance and have rented since relocating. Even though financially, purchasing would have advantages if we took out a short term mortgage, the uncertainty of knowing how long our health will hold out, (we're retirement age for most folks), and the maintenance needed in owning a property, leans us towards renting. Plus, we have...
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Re: Renting vs. buying a home — how did you make your decision?

Gary Bailey ·
We have been renting for the last few years while we re-established our credit, but for me - if you are relatively secure in an area, owning is the only way to go. It's not always possible, but if you can see staying in that area for at least 4-5 years, you'll usually accrue some tidy equity in that time. I do appreciate the simplicity of just calling the landlord anytime there's a problem in a rental property, but that also comes with restrictions on what you can do to make it your home.
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Re: Renting vs. buying a home — how did you make your decision?

Savingsmama ·
@Gary Bailey What you said makes perfect sense! As with anything, there are pros and cons. Every person has to look at all sides of the question and decide what works for them. It also depends on the size of your family and your credit rating, because as a few people said they didn't have great credit so could not get a mortgage.
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Re: Renting vs. buying a home — how did you make your decision?

sthom ·
@Wanda Haiche, I think like you I'm ready to rent. I've owned 3 homes and a rental. I'm thinking of selling my current home in a few years and renting instead. Home upkeep is horrendous, never-ending, and expensive. Let a landlord worry about it...if I can afford a rental. I'm not sure I can get a nice rental comparable to the low mortgage I pay and it's almost paid off. Of course, that means I will have to share walls, yecch! I'm thinking just keep the rental condo and maybe buy another for...
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Re: Renting vs. buying a home — how did you make your decision?

sthom ·
I think what I didn't mention in earlier posts about this topic is that for me, my first home purchase was a wise decision. It allowed me to build equity to buy my next home with a good downpayment generated from its sale, and then the next. My very first purchase was a townhouse/condo and it was a HUD home. At the time around 1990, I was working with a guy who suggested it for me as he was a part-time investor and he said it was a good stepping stone to enter the housing arena. He was...
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Re: purchasing new home

sandra campbell ·
I would like to purchase income property before I retire in 2 years. I am 69 with an excellent credit score. I plan on using the rental income for my retirement. How do I chose a mortgage lender that can give me advice on how I can accomplish this
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Re: Renting vs. buying a home — how did you make your decision?

Harsh Vardhan ·
Buying a home in the United States requires critical thinking and timing. The real estate industry is quite volatile which makes the housing market quite unstable. The major challenge faced by potential home buyers is the ability to decide when it is suitable to buy a home. If you’ll like to become a homeowner, it is important that you put a lot of things into consideration in order to make the rightful home buying decision, starting from your financial status to the mortgage rates that fits...
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Re: Renting vs. buying a home — how did you make your decision?

redcatcec ·
Many good points being made here with many influencing factors. We have rented in the past and it was in a 2 story apt complex, The upstairs young adults were just that. All around us were retirees, college students, working class folk and some crime... a lot of transients. With that in mind and rent increases, we looked for a single family home across town and found the perfect one at the right price. Bought it with the help of a fantastic realtor. While owning we had to put on a roof,...
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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 A
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Re: First time home buyer

Mike Mapalo ·
I don't know but I'm in the same predicament so if you find a way let me know please Sincerely Mike
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Re: First time home buyer

Janice martin ·
I got my first home by finding an owner willing to do a land contract. I got in with $1000 down. I had just declared bankruptcy so I knew no conventional lender would touch me. The contract was for ten years with a balloon after that. Worked like a charm. I have been living in my house for 22 years.
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Re: First time home buyer

kellly ·
I think it's entirely possible to buy a home with $4000 down, but you might not be able to have every single one of your requirements met. If you have the income to support a large monthly mortgage payment, then you have more options but a 1200 square foot home with a finished basement and no extra costs for inspections (not a good idea to skip this) is going to be a stretch. Some areas of the country are less costly than others, but you don't say anything about your income and what level of...
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Re: First time home buyer

kellly ·
Another avenue to explore once you find out what your monthly budget can support might be to contact Habitat for Humanity. I believe they are mostly focused on families with children and you don't say whether you are in that situation or not. They also require hours of "sweat equity" where you help in the building of your own house. Having a requirement for the size of house you want and parameters like a finished basement on a budget is going to narrow your choices down quite a bit. Once...
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Re: First time home buyer

Megan Malcolm ·
Huge caveat - this is fully dependent upon your salary and location. That said, you might want to look into a direct USDA loan. You need to be listed as low or very low income for your area (in mine, it's under $80K) and be in a "rural" area (which is the majority of the US). You can also avoid the PMI this route. Their loan officers/house buying advisors are amazing--incredibly helpful and supportive throughout the process. Good luck!!
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Re: First time home buyer

Buddy's mom ·
Hi Elizabeth & Mike, YES!! There are government loans/assistance programs in almost every state(47). They're specifically for "lower income" people with less than perfect credit & little down payment. You can read more at: www.nhlp.org You have to meet certain criteria (such as lower income) & there's an online "tool" where you can check to see if you potentially qualify (but don't go by that tool solely, because it isn't very specific to individual situations) but it's a good...
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Re: First time home buyer

Buddy's mom ·
Great advise Megan! I just posted the same info about the low income programs....❤
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Re: First time home buyer

M P ·
What do you feel about buying a manufactured home to make it possible for someone on ssd, due to low prices?
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Re: First time home buyer

Gigi Jackson ·
First time home buyer programs are usually pretty unadvertised but state and federal programs can be found on your local housing authority website. We bought our first home 4 years ago through a Wells Fargo promotion that said they'd pay up to $15,000 towards the down payment on a house as long as we agreed to physically live in it for at least 5 years. (i.e not for flippers) And then we used the HERO program to upgrade the AC. HUD housing auctions got my mother a house for $100 even though...
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Re: First time home buyer

B. Strickland ·
Ditto Megan's advice above--I was going to suggest the same thing.
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Re: First time home buyer

kellly ·
I believe there may be FHA financing for a first-time buyer where they only require 3% down, but that may have changed since I got my house 10 years ago.
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Re: First time home buyer

Laurie Rhoades ·
Hello! And the answer is YES! As a full time realtor, I recommend you start the conversation with a local agent. There are loan products available and grants for first time buyers. You can also check out my 1st time buyer tab and the others at www.LaurieRhoades.com . I just closed a buyer this morning who purchased a 3 bedroom home for $120,000 and only had to bring less than $4,000 to closing. Interest rates are still really great.
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Re: First time home buyer

Deb Day ·
My friend has the money for a down payment and closing cost but is only drawing SS and lenders want to see pay stubs. Should I just tell him to talk to a lender to see how much he could qualify for a home loan? He was laid off because of the virus.
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Re: First time home buyer

kellly ·
For someone who's not working, it might not be the best time to buy a house, but it certainly won't hurt to see what lender S might say. One lender may have one approach and a different one might say something else. It might be worthwhile to try and find other resources besides commercial lenders, since they usually have a checklist of things they will require to provide a loan, and usually pay stubs are on that list. Conventional lenders want to see some assurance that if they lend someone...
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Re: First time home buyer

Buddy's mom ·
Yes. Have him pre-qualify with the lender. I'm on SSDI income & it isn't a problem. I just gave them proof of my benefit amount. Plus it's stable income, comes in every month & I don't think I'll get laid off by social security!🤷🏼‍♀️😉
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Re: First time home buyer

Rhonda Parks-Gutierrez ·
Right on thank you for the info
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Re: Would You Buy a "Tiny Home"?

Arica ·
Absolutely, but Id have to divorce my husband because he wouldnt go for it. He enjoys his stuff. I think Tiny Homes are a great way to live minimal and in the present. Imagine so much less to worry, cleaning and comparing.
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Re: Would You Buy a "Tiny Home"?

AnnieB ·
No, I could not do it. There were 5 of us and two dogs in 1490 sq ft. When I moved two years ago, we all agreed that we needed our own space. We ended up with 2100 sq ft, which consists of two extra bathrooms, a den we didn't have before, a smaller kitchen than before but a dining room we didn't have, and the laundry in the basement. Before it used to occupy space in the kitchen. We're happier now with the space. Before we all just argued all the time.
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Re: This week in... The Penny Hoarder Community

Brooks Cadorin ·
One thing I found out a couple years back is the more payments that you make the faster your credit will go up. for instance, I had a small limit on a Chase Card of around $3,000 and I started using it to purchase products for my business and paying it off sometimes three times a week and my score went up very quickly! and my limit it went up faster than the normal 9 months waiting period for small increases. Someone had told me that frequency of payments shows your ability to pay and that...
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Re: This week in... The Penny Hoarder Community

Brooks Cadorin ·
Secured credit cards are the way to go Bank of America also is another place that will usually give you a start. And I possibly Macy's or another store card can also help your credit.
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Homeowner Repairs

Joshua Pramis ·
Homeowner Repairs
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Re: Homeowner Repairs

Brigat ·
Replacement windows and flooring.
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Re: Homeowner Repairs

KellyFromKeene ·
Buying a new refrigerator. The old one is still limping along...
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Re: Homeowner Repairs

Mexpensive ·
Me too!
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Re: Homeowner Repairs

Mexpensive ·
Replacing the shingles on my roof that are old and showing wear,but not leaking.
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Re: Homeowner Repairs

LaineLou ·
Roof replacement! It's quite a work until we were left with no choice but to call someone and have it fixed. It was really out of budget but we worked our way into paying it fully just 2 months ago. Learned that it gets more expensive the longer you put it off. That's why for Home Repairs my husband (or I) can do, we do it on our own. While we don't have every tool, we're lucky to have found a site where we can rent tools for an affordable price compared to Home Depot.
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Re: Homeowner Repairs

sthom ·
Repairing the UV system in my furnace, roof repairs, water heater, porch balusters cleaned and re-painted.
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Re: Homeowner Repairs

Mexpensive ·
Money is tight. My husband was a contractor so the work is done by us. The price of home improvement goods is through the roof !
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Re: Homeowner Repairs

irishnanny ·
i live in a complex so i don't have any big repair bills, the owner has to pay to fix things like that
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Re: Homeowner Repairs

PolarMoney ·
New windows. My home has a lot of them and several picture windows. Being a home from the 40's, they aren't up-to-date. Replacement though would be a huge cost in today's market. I'm focusing on caulking and curtains instead.
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Re: How to pay off your mortgage early

Big Lew ·
Just add extra money to your monthly payment, if you can afford an extra $25 to $100 a month, as an example apply it to reduce everything. If you get a bonus of any kind from employment apply it to the mortgage. As for myself, I doubled my monthly payments just to get rid of it.
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Re: Interest on a Mortgage

PiNaY ·
Would it make sense to pay extra if you plan on selling after a few years of residing in it?
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Re: Interest on a Mortgage

Brigat ·
I've paid an extra mortgage payment annually for several years but stopped doing so last year when we refinanced to get a lower interest rate. At my age the mortgage will likely outlive both my husband and myself so the goal now is make sure the survivor has the lowest mortgage payment possible.
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Re: Interest on a Mortgage

A.J. Young Jr ·
This is great information that reinforces some things I knew! My wife and I recently refinanced our mortgage after only being in our new home 1 year! We dropped our rate by 1.25% and save about $200 a month. But I’m actually going to add that extra payment of $50 to begin with and increase it every year by $10.
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Re: Interest on a Mortgage

irishnanny ·
i have no mortgage i rent, but its always great to learn and share thank you
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Re: Interest on a Mortgage

Gabby ·
Have mortgage payments by chance at all been affected by the Tiny living trend? I'll admit I'm frustrated by the idea of paying an extra 70k just in interest on a home....
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Interest on a Mortgage

Will S. ·
Interest on a Mortgage
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Re: How to pay off your mortgage early

Andrew H ·
I may be in the minority here, but with super low interest rates I'm not interested in paying off my mortgage (at least not right now). The extra money I have that could go toward the mortgage payments instead goes toward investments earning 5-10% interest instead of paying down the mortgage at 3% interest. At some point, probably when I near retirement, I would just make a lump sum payment to pay off the remaining mortgage with the proceeds from my investments over the years.
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Re: Refinancing my home again

KellyFromKeene ·
It may very likely not be worth it based on the amount of money you pay for refi and the increased interest rate. Did you cash out equity in 2020?
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Re: Refinancing my home again

JoanV ·
Thanks for responding. I paid $500 to refinance. I did cash out and received $26,000.
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Re: Refinancing my home again

Angie P. ·
Wow, that was quick. Yeah I would say if you or anyone else runs into a refi situation in the future: it's definitely worth having the conversation and doing the math. If your interest rate is higher and you refi, you might pay a lot more monthly. But you also get a big lump sum upfront which'll relief stress. I think it depends on the individual whether or not you should refi. As an example, if your refi means you pay some 3% more each year (say from $10K to $10.3K), but you can take the...
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