I am a single 24 year old recent grad. I gross $3200 a month, my total bills are about $800 a month. My current rent is $465. I am about to take on a second job which will give me about an extra $500 a month. I plan to save about 3/4 of this new income, and pay the rest on my debt, I have a credit card with $2000, new car loan $30, 000 and $26, 000 student loan. I am going to defer my student loans until I have about 1or 2 years left on my car loan. Should I continue renting or start looking for a house, I hate my current apartment complex?
2007-06-26 08:18:42 · 6 answers · asked by female83 2 in Business & Finance ➔ Renting & Real Estate
Do you think I have to much debt to purchase a new home?
2007-06-26 08:29:00 · update #1
Well, it's a buyers market right now. Nothing is selling, so you should be able to go in with a low bid and get a good deal! Congratulations on your new life!
2007-06-26 08:22:29 · answer #1 · answered by wish I were 6 · 0⤊ 0⤋
A mortgage lender can give you 'preapproved loan' approval which will include how much mortgage/loan you qualify for, your prospective payments, and whether or not, by market standards, you have too much debt or not enough credit. A lender will generally not extend more credit than is believed you could reasonably pay back. The figures used to determine your eligibility will never include income you intend to make. This whole process should only cost you $25.00 for the credit check. Do not allow the lender or a real estate agent talk you into buying a house merely because you are considering the idea and are gathering imortant information from those sources. I would strongly suggest gaining alot more information on this first real estate investment you are considering. The library is a great place to start, might I recommend such books as: Creating Wealth and No Money Down, by Robert Allen, and Rich Dad, Poor Dad, by Robert Kiyosaki for starters. Good luck.
2007-06-26 08:46:41 · answer #2 · answered by miki 1 · 0⤊ 0⤋
I would wait till the new car loan was paid off.
Use all the money from your second job to pay down the car loan. Once it's paid off, then start looking for a home to purchase.
Hope this helps.
Terry Smith
http://www.Welcome2Arizona.com
2007-06-26 09:05:46 · answer #3 · answered by Terry S 5 · 0⤊ 0⤋
I would start looking for a house now cause if you wait then the prices are just going to sky rocket . i just recently purchased a home and it was a really good deal do it now so by the time you are 40 your house will be about paid off . good luck .
2007-06-26 08:22:47 · answer #4 · answered by Kate T. 7 · 0⤊ 0⤋
Try to find a rent to own house.. yiou can start off renting it, then own it. And if you ever want to find a place after that you could rent it out.
2007-06-26 08:26:34 · answer #5 · answered by jade! 3 · 0⤊ 0⤋
Look for a house!
Good Luck!
2007-06-26 08:21:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋