I'm 18 and want to buy a house when I turn 23. My sister suggested GICs. My mom suggested bonds. I have no idea what they're talking about. I just know I need money and a steady job to mortgage a house or something.
Yes, I need advice, lol.
2007-03-13 17:35:17 · 10 answers · asked by pacific_crush 3 in Business & Finance ➔ Renting & Real Estate
You need to save
1. Save $1000 in a regular savings account
2. Put this money in a money market account.
(gets higher interest but can take out if really
need it with no penalty) (so many times a month)
3. Check out cds (at your bank) (What is the Minimum
investment)
4. When you saved the minimum investment put it in the
cd.
5. Continue with CDS. The are safe for short term investments.
6. SAVE, SAVE and SAVE
Buying a house
If you don't have 20% down on the house they will charge you a monthly fee called PMI. You don't want to pay this! You will do much better putting 20% down!
You need to build credit. If you have good credit you can get grants to help pay the down payment. Ask a Realtor. A good Realtor will help you find these grants but you need good credit for the grants.
Go to JC Penneys and apply for their credit card. Wait until they have a special promotion no interest for 90 days. Buy something. Don't spend too much. Owing too much money will lower your credit rating.
If you spend 60 dollars pay 20 dollars a month for the 90 day promotion. Make sure it is completely paid off at the end of the 90 days.
2007-03-13 17:37:50 · answer #1 · answered by Peggy Pirate 6 · 1⤊ 0⤋
What a bunch of crap! Listen, Im 21 now, I bought my house when I was 18 and I was only making $1200 a month. Dont waste money on renting, youre just making someone else rich. The government has programs that give up to $10,000 to first time home owners. It is true that if you dont put down 20%, they will charge you a month PMI fee. But that doesnt mean you HAVE to have 20%, and its only like $50 a month anyway. I was worried abuot all the responsibility too, so I bought a condo. Buying a condo or a townhome is better when youre younger. I dont have to cut my grass or do anything to the exterior of my home. If my roof collapses, I dont pay for it! Also, the book "automatic millionaire" by David Bach is amazing and you'll learn a lot. Its not as hard as pople make it out to be and dont let anyone tell you youre too young!!
2007-03-13 17:52:50 · answer #2 · answered by Dudsie2 1 · 0⤊ 0⤋
Yes you need a steady job. Most home loans require 20% down. Bonds would work but some require 7 years to mature. Talk to your bank officers about a savings plan to get this 20%.
2007-03-13 17:44:25 · answer #3 · answered by redunicorn 7 · 0⤊ 0⤋
first apply for some credit cards whatever you can get , then make a few purchases and pay them as the bill comes in. if you do this for 6 months and always pay them on time then you will have established a credit rating for yourself and very good one at that.
Remember to make all payments on time. It helps if you buy some things and be sure to pay them off. After establishing a credit rating then, if you have a job you can start inquiring into a loan on a house. hud is a good program to look at for first time buyers. i dont know where you are located so its tough to say what your chances will be, but this will put u in position to qualify for a loan. keep in mind that real estate runs in 4 yr cycles. you want to by when its a buyers market. get yourself a good real estate agent. a buyers agent. and talk to them. i think the market has hit a high and is on its way down in price. remember buy in a buyers market and sell in a sellers market.
2007-03-13 17:56:25 · answer #4 · answered by agitate_me_now 1 · 0⤊ 0⤋
There are ways to buy a house with little or no down payment. Most require good credit: get a credit card and use it responsibly- pay it off on time. Also, a car- pay it off on time. If you act like an adult financially, then you will be treated as one when it comes time to buy a home. Could call 1888LOANALL.
2007-03-13 17:45:47 · answer #5 · answered by dvd_frns 2 · 0⤊ 0⤋
it rather is one among these burden to all of us of any age or adulthood point. My suggestion could be to lease. And artwork annoying and get a constructive motor vehicle then in some years you will possibly be able to desire to get a loan with the motor vehicle as collateral. yet a warning. Loans are rather annoying to pay lower back and that they're going to come and grab that abode faraway from you. surprising now with our economic equipment maximum of residences are going into foreclosures reason people only cant have the money for the price. Now think of roughly that with adults, and married those with 2 earning flowing into the abode. after which you on my own with basically one. Please only lease and if that seems ordinary for then you via all ability take the subsequent step. it could be extra convenient in case you had somebody going into it with you nevertheless. stable success and please think of annoying approximately it.
2016-10-18 08:14:54 · answer #6 · answered by ? 4 · 0⤊ 0⤋
yea im 18 too and i wont to buy a house as soon as i get out of college, first im trying to gain good credit then save up enough money for the future and find good loans that will help you out with low interst rate. Im talking to credit unions for my future plans they really do help you!!!!
2007-03-13 17:40:24 · answer #7 · answered by Lil Aquarius 3207 2 · 0⤊ 0⤋
i think u should rent a house before buying it because Ur way to young and u need still time to finish collage and its not easy trust me to Owen a house because u have to worry about having info money to pay for everything water and u need people too to pay rent because one hall house its not easy just for one person
2007-03-13 17:39:30 · answer #8 · answered by gloria s 1 · 0⤊ 1⤋
Win the lottery or rob a bank.
2007-03-13 17:49:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋
R U sure you really want that responsibility and permanency so young and by yourself?
2007-03-13 17:38:49 · answer #10 · answered by Over The Rainbow 5 · 0⤊ 1⤋