My boyfriend and I are thinking about buying a condo in CT. We want a 2 bedroom condo but we are afraid that with the condos fees and property taxes we will not be able to afford it. My boyfriend doesn't want to get an apartment because your rent money goes towards nothing. We are young and plan on being together, but people are warning us about making that kind of commitment and the things that could happen. His credit is really good but mine isn't perfect. What is the minimum amount of years you can take out a mortgage? What if we break up, how will that work? Can we afford to buy a condo that is $100,000 or under? Help!!!
2007-02-26 01:52:17 · 12 answers · asked by TLC 1 in Business & Finance ➔ Renting & Real Estate
you can get a "prenupt agreement" at www.lawdepot.com
draw it up ...and write in the terms..
who gets the condo and a buy out can buy who out..........etc.. how long to rebate the other the downpayments..etc..and also because..of the equity you create (not the same as your monthly payments as ap 60% of that is interest)..make sense i hope.
it should cost ap. $20=50 added onto your legal.. when you sign for the purchase..let the lawyer know you want the papers notorized with the purchase...
it is an easy ..document to draw up..
as far as..in the ..mortgage..do what is best for ..payments...
go for it and good luck
2007-02-26 02:25:15 · answer #1 · answered by m2 5 · 0⤊ 0⤋
You would need to look at the condo fees and determine this. I have a friend that just purchased one and makes less then you but his fees are only about $200 a month.
A mortgage banker will be able to help you with what you can afford. My rule of thumb is that if you cant make a commitment by getting married, don't make a commitment to own property together. If you break up, you either sell or one buys the other one out.
2007-02-26 02:45:54 · answer #2 · answered by KathyS 7 · 0⤊ 0⤋
Yes, you can definitely get a mortgage for $100K based on your combined salaries. If you both own the condo & break up, then you will still both own the condo...you'll need to work it out then. So, make sure both of your names are on the title/deed. I think your boyfriend is right about the rent--that just goes to pay someone else's mortgage. However, you need to feel confident that your relationship is stable before making the commitment to buy a home. This site has some helpful information about home mortgages. Good luck! http://loan.divinfo.com/
2007-02-26 02:01:57 · answer #3 · answered by Reenie 3 · 0⤊ 0⤋
I think so. You can call around to various banks and lending agencies and find out what interest rate you would be able to get for a mortgage. The you can search online for a mortgage calculator. This lets you put in the amount of the mortgage, interest rate, and down payment and will tell you what your monthly payment will be. Also, factor in the condo fees, which will probably go up. You should be able to budget all the expenses and compare it to your current situation and decide if it will work.
2007-02-26 02:02:57 · answer #4 · answered by kelsey 7 · 0⤊ 0⤋
You can afford it. Since relationship break up roughly within 2 years, it is prudent and I applaud you for thinking it, what the future would be when you break up. Well, the property would be split down the middle, or one of you buy out the other. By that time the property have appreciated so the selling party would get 50% of the appraisal value over the cost of what you guys invested.
I sense the market will turn around soon, so if you are serious don't wait till next year. It's a buyers market right now.
2007-02-26 02:02:57 · answer #5 · answered by McDreamy 4 · 0⤊ 0⤋
You should be able to afford under 100,000 pretty easily as long as your spending habits are good and you dont tend to waste too much money on other things..It is a huge commitment to buy together and if you do, make sure you have a written agreement on what happens if you break up..That way noone gets ripped off..I wish you the best...
2007-02-26 02:00:42 · answer #6 · answered by Red Sox lover 6 · 0⤊ 0⤋
I would maybe only get the condo in one of your names. First time home owners usually get a lot of nice perks and they make it affordable for you. Mortgage payments can typically be lower than rent but don't forget that you are responsible for everything that goes wrong...roof, plumbing etc. A Realtor will be able to calculate your income and expenses to determine which price range would best suit you. Good luck!
2007-02-26 02:02:23 · answer #7 · answered by Summer 5 · 0⤊ 0⤋
Watch the movie "break-up" starring Vince Vaughn and Jenifer Anniston. Do not trust any real estate agents except Frankie b. Real estate agents are worse than used car sales man.
2007-02-26 16:46:15 · answer #8 · answered by ocean 3 · 0⤊ 0⤋
you are smart to see what you can AFFORD, and not just qualify for... many people go for the max qualifying, which puts a financial burden on them.
2007-02-26 02:38:56 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You definately can. Contact me sometime and I can give you a free pricing.
2007-02-26 10:51:33 · answer #10 · answered by Phil H 2 · 0⤊ 0⤋