sorry I'm kind of young & don't really know too much about owning a home. I'm thinking about buying a foreclosed home instead.
2007-12-08 07:11:24 · 4 answers · asked by triplea504 2 in Business & Finance ➔ Renting & Real Estate
With you being young be aware of what anyone tells you including me. You never know who is giving good,bad or otherwise advice and I don't mean just here in YA I mean from anywhere.
No offense to anyone here,just that she is young and there are some people who might take advantage here.
Anyway, think of buying a house as the same as renting an apt. With renting you pay rent of course but the repairs are done by the complex. With buying a home, you would be paying a mortgage if you took out a loan. You can also buy a home with cash but at your age you may not have enough. There are things to think about when buying a home. How is your credit? How long have you been on your job? If something were to happen (lose a job,get really sick,injured)how would your payments be made?You will need at least 20% down so that tells the lender you are serious about wanting to purchase a home. Make sure you interview the agents that you might want to work with. Please talk to a lender and get pre-approved (not pre-qualified)so that peple will take you seriously. Do not let people (lenders, agents,Realtors, anyone else)talk you into buying a home that is more than what you can afford. You should start small and buy up from there. You may want to start out in a condo but make sure you are aware of all the costs that go along. You have closing costs, agent commission, home inspection, termite report, and other costs that you may not expect.
Take it slow and do your homework. Research before you go out on your own and try to understand the process so no one will take advantage of you.
2007-12-08 08:09:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You want to buy a foreclosed house. Do you have enough money to pay for it outright? You will not need assistance from a bank?If you answer both questions with " Yes " you will not require a mortgage.
2007-12-08 07:23:59 · answer #2 · answered by googie 7 · 0⤊ 0⤋
If you pay for it in full, no you won't have to pay a mortgage. You will have to pay yearly/monthly taxes. (Which ever you choose) And homeowners insurance. (yearly)
2007-12-08 07:19:16 · answer #3 · answered by ~Kim~ 6 · 1⤊ 0⤋
You will unless you have the cash to buy it up front.
2007-12-08 07:22:44 · answer #4 · answered by Anonymous · 0⤊ 0⤋