right now we are throwing away 1,295.00 away in rent for a 3 bedroom appartment. we have poor credit so we cant get a loan. Is it wise to buy a trailer so hopfully we can get out of debt and get a house, or is there a better way to acheive my goal? Unfortunatly neither my husband or I have a lot of knowlage on financial issues. they are a little hard to understand.
2007-03-19 20:31:02 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Not sure what state you live in, like in NY we have govt + financial grants available for low income families.
For starters, it does sound like you can qualify for a mortgage - assuming your credit is ok and you keep your monthly payments within about 29% of your gross monthly income.
If you play right financial institute can even pay for your closing cost.
2007-03-20 01:06:31 · answer #1 · answered by Rafi 1 · 1⤊ 0⤋
A trailer is probably not a good idea. Work out how much money exactly you have coming in each month and what your required spending is each month. With this done you can allow a little for luxuries and put the rest into paying off your debt and starting some savings. Paying off the debt has to be a bigger priority than savings however even $5 per week for savings could be enough to have a safety buffer incase of emergencies.
2007-03-20 05:58:52 · answer #2 · answered by StatIdiot 5 · 1⤊ 0⤋
You'll have to study up on this, but it's all do-able. Write down your dreams first and start planning for them. Talk to a mortgage person about what you need to do to improve your financing. Make it a priority to pay down your debts, even if it means cutting back on dinners out. Make sure you make every payment on time and for more than the minimum. You need to keep a log so that you know where every penny is going, and figure out ways to cut back. For example, if you just buy a $3.00 latte every work day, that's $750 a year.
2007-03-20 03:37:03 · answer #3 · answered by Katherine W 7 · 2⤊ 0⤋