If it is, then what kind of mortgage would be best for a widow who works fulltime?
2007-12-27 14:16:52 · 8 answers · asked by Mary W 4 in Business & Finance ➔ Renting & Real Estate
Depending on where you live this is an excellent time to buy a house. There are more houses for sale in my area than can be expected to sell in the next 18 months so competition is steep just to get potential buyers in the houses. Some houses come with new cars or fully furnished . Take your time, walk through a lot of houses, get a good feel for prices in your area, find out how long the houses have been on the market, and then make an offer.... below what is being asked. This is a buyers market... but you do need a hefty down payment to keep your monthly mortgage payments to a minimum. Shop for the best mortgage too.... Get a $ value for the monthly payments from the start of the mortgage to the last payment. Not all mortgages are equal.
2007-12-27 14:29:41 · answer #1 · answered by singlegal 7 · 1⤊ 0⤋
Maybe you've heard some of the news stories lately about the horrible housing problems.... the values of homes are dropping, and a lot of homeowners that got a variable rate mortgage are losing their homes when the rate goes up (and they ALWAYS go up for the first few years!)
it is a good time if you know you'll keep the house for a while, at least 5 - 7 years or more... even if your home's value drops after you buy it, after a while it will recover.
It is a good time if you really, really want your own house and you're tired of paying rent, and if you can pay a downpayment without too much hardship.
And some parts of the country are doing fine, house values aren't dropping, so talk to a real estate agent (or Three) to see what's happening in your area..
Its a bad time if you might move again in the next few years, and it's a bad time if you would have to really struggle to come up with the down payment. With prices trending down across the country, you might be better off saving up more money, and buying a house in a year or two that is 10% - 15% less that what it is today.
Finally... Fixed Rate 30 year mortgages are the ONLY mortgage you should consider... the biggest source of the current crisis in housing is Variable rate mortgages. and 30 year loans are nice.. .the required payment is the lowest reasonable payment amount, but you can always pay more and pay it off sooner if you want!
2007-12-27 14:26:41 · answer #2 · answered by Joe K 3 · 1⤊ 0⤋
It's always a good time. It beats paying rent. A house is a place to live, not an investments. Think about it that way and you won't be trying to time the market and worry about how much equity you have in it.
The best mortgage is a fixed rate 15 year mortgage with 10 to 20% down.
2007-12-27 14:22:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It is always a good time to buy real estate IF....you are getting a great deal. Now is a great time to pick up a REO, that is a bank owned property. Foreclosures are for investors who like dealing with the owners, but dealing with the bank you can get a better price! The best thing to do is speak to a loan officer who has experience and can help you full fill your needs. There are several programs out there to help you. The first time home buyer programs are not necessarily just for first timers and these can help you with down payment assistance. One of the best programs for you might be FHA or a Hybrid 5 yr fixed.
2007-12-27 15:46:00 · answer #4 · answered by Sharon B 3 · 1⤊ 0⤋
This is probably one of the best times, especially if you are planning to stay in it at least 10 yrs or more, since it's a buyers market, there's plenty of inventory to choose from & interest rates are down. Try to get a fixed rate 30 yr mortgage if you're eligible.
2007-12-28 03:57:55 · answer #5 · answered by mstrywmn 7 · 0⤊ 0⤋
I have seen this question a number of times.
To purchase or not to purchase a home.
Well let us look back in time. In s. Calif. the typical home that sold in 1960`s was a whopping $18,500 brand spanking new.
in 1980`s this same home sold at $125,000
in 2007 this same home is now selling at the high $300,000.
Now you tell me when is there a good time or a bad time?
Even if that home droped in price of 50k. The interest rates will continue to go up and you will lose that 50k in iterest rates.
Best of luck. Just remember 1/3 of your gross income should be used for a home purchase.
2007-12-27 14:48:20 · answer #6 · answered by Big Deal Maker 7 · 1⤊ 0⤋
If you are a widow and will retire in five years and you never owned real estate you probably would do fine to look at a retirement home. The savings you have now can get you in and there will be other people . You say nothing of all your children and having Christmas at grandmothers.
2007-12-27 14:43:04 · answer #7 · answered by Anonymous · 0⤊ 1⤋
the mortgage business rates are at an alltime low right now, talk to your loan office or loan processor and they will get you the best rate and best type of mortgage for your financial situation based on your debt to income ratio
2007-12-27 14:26:02 · answer #8 · answered by WhyBother919 2 · 0⤊ 0⤋