Looking at an average purchase of $175.000, also need to know how much I have to payback every month.
thank you
2007-01-25 11:33:06 · 6 answers · asked by kumarie j 1 in Business & Finance ➔ Renting & Real Estate
Please be very careful and educate yourself about real estate and mortgages. There's lots of info available online-study it! DON"T get a variable rate or interest only loan-the payments start out cheap but many people are now being foreclosed on because the payments do go up! Stay with a nice simple fixed 30 year mortgage. Don't let anyone talk you into anything else.
I agree-talk to several realtors until you find one you like-and watch those condo fees-they continue to rise...Realtor.com is good.. Don't buy more house than you can afford-losing it will be heartbreaking for you. Don't get stuck on an area-there are many decent areas around you may not have thought of...
2007-01-25 12:05:20 · answer #1 · answered by Middleclassandnotquiet 6 · 0⤊ 0⤋
You need to consult a bank or realtor to find out what kind of mortgages you can get with your credit. You should consider how long you're planning on owning the house. If you are looking at it as a longer term investment (10 years or more give or take) than it is a good idea to buy rather than pay rent for all of those years. I also don't know where you are located, but you should do some research into the real estate market in your area and find out if it is booming right now or in a bit or a downtown - if it has been booming for a year or two it will probably die down some soon and you will be able negotiate a better price when the demand is lower.
2007-01-25 11:46:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Wow, you're low income and you can afford a $175,000 home. I'm middle class and we could only afford homes under $120,000. Anyway, look up "mortgage calculator" in Google. A mortgage calculator will help you get an idea of payments. But don't forget that with condos you will almost always have to belong to a condo association. There is a separate monthly fee involved with that. A great idea if you are a first-time homebuyer is to talk to a real estate agent. They really know what is going on and will help you with all the details. Most will work with you for free and waive a lot of fees if it's your first home. Good luck!
2007-01-25 11:48:51 · answer #3 · answered by bffer1 3 · 0⤊ 0⤋
You will never qualify for much, you r income is too low. You have to eat, pay taxes, heat the house, etc. If your boyfriend has good credit and no debt you can buy a house for about 130k. You can't buy that much for a condo because of the HOA fees, they get added to your monthly debt. You should wait until you have a decent job.
2016-05-24 00:00:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
www.realtor.com
look up homes in your area and price range. On the far right hand of the page is a mortgage calculator. Plug in the numbers and you'll get your payment, on every house that you look at there.
Good luck
2007-01-25 11:40:17 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check out http://newcondosonline.com they have a listing of a bunch of new and pre-construction condos all over the US. Sometimes these are the best deals because the developers push really hard to sell all of their units and you can get a good deal/incentives.
2007-01-26 05:49:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋