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I'm twenty and my husband is twenty three. I was 17 when we bought the house. We have two children and live in a cape cod style house. It's 1 1/2 stories. It's a great neighborhood, but I think that it will be small for growing children. Our house is on 2 lots, and the neighborhood is growing,they are knocking down the older houses and building 250,000 to 350,000 dollar houses. I want to know what is a good age for us to buy a nicer two story house. What is a better age to buy a home 25, 28? We can afford a 1,000 mortgage a month. My parents bought their house at age 41. What would look better for us age wise for a mortgage lender to take us seriously. I have new credit and no problems. We have a great apr 5.75. Should we do a 40 yr term to save money? Or what? I don't know. Please help! Serious answers

2006-12-10 16:01:51 · 4 answers · asked by fourcheeks4 5 in Home & Garden Other - Home & Garden

4 answers

The best age is around 28-32 this is old enough for banks to take you seriously it would be wise to save a decent deposit for the house say about 10-15% is ideal but 5% is still ok. It is better to get a 30 year loan but i would sugest fixing the rates if you don't intend to pay off quickly. When setting up repayments pay a rounded figure upwards of the minimum as this gives you good equity as well as redrawable money which could be (should only be) used in an extreme emergency. This is the best advice and has been very effective for us. We began with a small deposit 2 years ago thought that the $700 a week mortgage would be too much for us but we manage we only earn about $80,000 per year. We have sinced used equity to invest in investments and are starting to build up a decent invesment portfolio and it has all been achieved in the last 2 years just takes planning and discipline.

2006-12-10 16:20:37 · answer #1 · answered by Yorkshire Aussie 1 · 0 0

REAL ESTATE VALUES ARE UP AND THE INVESTMENT IS ALWAYS A PLUS WITH WISE CHOOSES. LOOK AT YOUR FAMILY BUDGET AND CONSIDER IF U HAVE BUILT IN A FUND THAT WOULD TAKE CARE OF U AND FAMILY IF A DISEASER SHOULD ARISE, LOST OF JOB, MEDICAL EXPENSES, ETC. IT IS RECOMMENDED THAT YOU HAVE AT LEAST 20% FOR A DOWN PAYMENT. DO U OWN THE EXISTING HOUSE WHERE U WILL HAVE THAT KIND OF EQUITY PLUS IF U WERE ABLE TO SELL IT. THERE OTHER FACTORS ALSO TO CONSIDER AND THAT IS THE GROWTH OF YOUR FAMILY WHICH WILL BE ADDITIONAL EXPENSES. I OF COURSE WOULD WISH U WELL BUT ALWAYS TRY TO STAY WITHIN YOUR BUDGET. U BOTH ARE TO YOUNG TO GET OVER EXTENDED.

2006-12-10 16:22:27 · answer #2 · answered by john t 4 · 0 0

i became 21 after I left abode. I went right into a flat (a foul little hovel) yet I labored all weekend and afternoons and studied at the same time, and the liberty became tremendous. i imagine it became sufficiently old for me, yet anybody's different. My brother left abode at 17, and he became advantageous, and my husband left at 29, which i imagine is a lot too overdue, yet he idea became advantageous. perchance you've gotten a "trial" era on your moms and dads abode the position you pay some board, practice dinner your own foodstuff, do your own cleansing and laundry, and performance no curfew, to get a style of life on your own?

2016-11-25 20:04:39 · answer #3 · answered by ? 4 · 0 0

the sooner the better is the way to go wit the market the way it is right now its the time to buy.

2006-12-10 16:26:27 · answer #4 · answered by wolflafaye 2 · 0 0

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