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right now we are renting an aprtment and are barely getting by. but i have been looking around online at houses and loans and we could buy a pretty nice house and the monthly payment would be around the amount we are paying for rent. in my mind that makes me think we should start thing about buying becuase for the same amount we could be owning something. am i thinking wrong? what other things do i need to consider?

5 Thoughts on how do you know when your financially ready to buy a home?
  1. Reply
    curmudgeon
    August 25, 2011 at 12:18 am

    down payment, closing costs. then when you have the house, taxes, heating bill, water, garbage, sewage, etc.

  2. Reply
    peppylynn393
    August 25, 2011 at 12:50 am

    You are looking at it the right way. However, if you are barely getting by, a foreclosure on a home will hurt you so much more than just breaking a lease on an apartment.

    Some great things about owning a home-you are building equity and not just throwing rent down the drain, you can deduct the interest that you pay on your taxes and you have the pride of homeownership.

    I would at least talk to a loan officer. They can talk to you and find out if you would qualify. If you don’t, a good one will tell you the steps that you need to take to get to that point. I work for a title company…if you would like me to refer you to a good (honest) loan officer, shoot me an email and I will get you some information.

    Stephanie

  3. Reply
    SwedishBabe
    August 25, 2011 at 1:21 am

    Try to find a home where your monthly payment will be slightly smaller than your rent – if you now live paycheck to paycheck, it may be tough with a house, where everything is your responsibility.

    However, in the long run, you are better off with owning your own home. Perhaps invest in a “fixer-upper” if you’re handy. Talk to a broker – that is a first step.

    Good luck with your quest.

  4. Reply
    trebor2
    August 25, 2011 at 2:09 am

    Buying is way better, than renting.
    go to a realtor or bank, they can
    tell you whether you can afford it,
    or not – Good credit score, no bad
    credit, time on your job & salary.

  5. Reply
    Jackson
    August 25, 2011 at 2:56 am

    “Barely getting by”? That scares me.

    Yes there are a lot of advantages to home ownership, tax advantages being the biggest, followed by the ownership thing.

    It is not cheap though. Home and Yard maintenance, insurance, water, sewer, garbage, etc etc.

    Find a broker you can trust and talk to him/her about your options. We haven’t even talked about income and FICO score yet so it may not be a slam dunk no matter what you desires are.

    Here’s a way to get a glimpse and see what you might be facing.

    If you are in the market for a mortgage, home equity loan, or refinance
    http://www.m-o-r-t-g-a-g-e-r-a-t-e.com has some great information. Find
    out how to get up to 4 FREE No Obligation Mortgage Rate Quotes.

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