Well, it's time to move on...

[*FFC*]

So Matt and I have been living in a house that we've been renting from my mother.  We had a meeting with my mother this week and realized there is no way to catch up on the mortgage, and the best path to take is to let the house go.  Yep, it's time for us to find a new home.  So, we're trying to decide whether to rent or buy. Right now buying cost less than rent on a monthly basis - so we've been lookin at homes to purchase, but it's still 3 months down the road before we'll have near enough money for a downpayment. 

Not only that, we've just financed the Pathfinder, so that might work against us both ways...

Any suggestions either way? 

[toby]

there should be first time buyer programs out there that will get you into a house with little or no down. basically it comes down to payiny your owm mortgage or paying someone elses for them. as long as your credit is decent you should n't have issues with buying the pathfinder, creditors will basically look at what you make and what your monthly bills are and if you pay them on time. I say buy if you are rent ing you are basically throwing money away, sure you have a place to live, but if you live there for 30 years all you have done is bought someones house for them.

[Rocksurfer]

Make the mortgage co pay you to move, they will do this just to get you out. 

[KYOTA]

you cant afford to pay rent on one house but you're going to buy another house? 

[MiniSimp]

you cant afford to pay rent on one house but you're going to buy another house? 

Paying a mortgage is cheaper than paying rent (sometimes)

[*FFC*]

We're paying the mortgage on a $300k house (overpriced even at the time, but long story).  The house we're lookin to buy is under $100k, which means mortgage will be cut in less than half

[bigarms23]

could you do a reverse mortgage?

[jimbo74]

could you do a reverse mortgage?

those are soooo bad.......

[*FFC*]

could you do a reverse mortgage?

Hmm, I'm not familiar with the term, but I know for sure the house we're living in is going into foreclosure.  So it's a matter of renting or buying right now.  We're lookin at a couple houses, but the biggest problem right now is coming up with a downpayment - which is not much at all, but when you don't have it it's a lot.

[Shamb]

believe it or not the financing of the Pathfinder will help you in buying a house. Maybe not in your personal finances because of the monthly payment but when buying a house you can use that as an asset. It'll also help bump your credit score.

I say buy! Why pay someone else's mortage?  We just bought our first house and love it. Nothing better than coming home to YOUR home and no one else's.

Only piece of advise is be prepared to be BROKE for awhile, we've dumped alot of coin into the house so far and havn't stopped yet.

[kneedownnate]

I have to ask, did you guys know this was going to happen when you bought the nissan? 

[JanMarie13]

I think reverse mortgages are for old people who have a crap-ton of equity in the house.  I just feel bad for your mom's credit and stuff but it sounds like it was inevitable.

I would definitely buy!  And usually for first-time homeowners you can get into something with a very minimal (sometimes no) down payment.  Just DO NOT DO AN A.R.M.!  Fixed rate with no early payoff penalties, or nuttin! 

[fordh8r]

 


That really sucks that you guys have to go through this. Wish I knew what I could do to help.    Either way good luck and remember, it might be a good thing once you get going in the direction yer headed. 

[*FFC*]

I have to ask, did you guys know this was going to happen when you bought the nissan? 

Nope we did not..... But live and learn we are learnin.

[Toymin8r]

Rob a bank. 

[BLACKDOG]

I say buy! Why pay someone else's mortage?  We just bought our first house and love it. Nothing better than coming home to YOUR home and no one else's.

Only piece of advise is be prepared to be BROKE for awhile, we've dumped alot of coin into the house so far and havn't stopped yet.

I think reverse mortgages are for old people who have a crap-ton of equity in the house.  I just feel bad for your mom's credit and stuff but it sounds like it was inevitable.

I would definitely buy!  And usually for first-time homeowners you can get into something with a very minimal (sometimes no) down payment.  Just DO NOT DO AN A.R.M.!  Fixed rate with no early payoff penalties, or nuttin! 

[unclejpl4x4]

I say what you don't need is a house but a garage.

find your self a nice  5 bay garage    biuld a house in side of it  that be cool

[Tice]

I say what you don't need is a house but a garage.

find your self a nice  5 bay garage    biuld a house in side of it  that be cool

X2,  

[79coyotefrg]

could you do a reverse mortgage?

those are for old people with HUGE amounts of equity, if they dont think you will die soon (so they dont have to finish paying you off) you wont get one

[germ]

Buying is by and far the best way to get ahead in life, but there are some caveats. First, make sure you don't bite off more than you can chew. There are multiple mortgage calculators on the web, which can give you a good estimate of how much you'd be paying in mortgage payments. Don't forget to consider taxes and property insurance, as these can sometimes make the difference in affordibility. I would suggest that you UNDER estimate how much money your going to make by about 10%-15% and see if you can still make the payments. You want to be sure that even if you get sick unexpectedly or for some reason find yourself out of work for a month or two that you can still afford the place. There is little else that is as stressfull as living from paycheck to paycheck knowing that the house of cards will fall apart if you don't get a full check.

Also, I would estimate an EXTRA 10-15% for utilities, furnishings etc. as that way you have a bit of cushion for those inevitible "unexpected" expenses. Remember, once you've bought it, you gotta do all the repairs and upgrades yourself.

If you can pull it off, I would recomend buying, but if after you look at things realistically you can't quite do it, then start planning for it in the "as near as possible" future. The housing market is probably not going to rebound for at least 1 year (if not longer), and I'd be surprised if it's completley hit the bottom just yet. Put as much as you can afford into savings to get as much of a down payment as you can. (they will tell you 20%, but they'll be happy with just about anything these days).

Most important, is don't rush. It's a buyers market right now, which means you are (in a relative sense) in the drivers seat. There are plenty of homes out there, and if this one doesn't work out, there are plenty more.

Good luck,

Erik

[*FFC*]

Good info Erik thank you! You're right, don't rush, and also the added expenses I've thought about.  It's all a matter of time and patience.  Hoping that the mortgage company will pay us to get out when they want us out - since we can keep the house maintained for the most part as long as we're living there.  Homes are getting vandalized like crazy nowadays (the foreclosed vacant ones).  The banks want to keep them somewhat nice - and I know someone who got paid to stay there and get out when the banks said.... Just keepin our options open. Tryin to anyway.

Still shoppin around.  We got a house favorite so far, and it would be cheaper to buy it than to rent anywhere.  Just prayin and figuring a lot lately.

[Gittinit]

I'm in a simmular possition, and as a current homeowner I am buying again as soon as I close the note on my current home. Buying is the best way in my opinion, and in most cases you can even get money back when you purchase a home. I have never rented so I can't compare one to the other, but I can say it has been great being a homeowner, even through the remodel, and upkeep.

Good luck!