My wife and me are trying to buy this house and am not sure if its the right choice?
I am shift leader at blockbusters video and am making 8.50 an hour next to a yearly take-home pay of 23,500. My wife does house cleaning and makes more or less 17,500 and she is pregnant. We owe alot on our credit cards (about 10 grand each) and close to to party. This morgage lender guy say he can get us into an interest solely loan for about 2300 a month. I be determined that would be really really tight but we dont want to lose this house. Its cool, it has a pool and stuff. Should we dance for it? wil the government assist us if we cant pay? Thats what I hear they were doing. Anyways, permit me know.Answers: This home is far too expensive for you! It is not even "tight" it is impossible. That baby catch a cold and you are broke.
And, no, you misunderstood the present government bailout. They would not know how to help you.
Try looking at hud.gov. You are incredibly low income and may qualify (although you may have too much debt) for a hud (government) home. Any that are available surrounded by your state/city will be listed nearby.
Interest only and its still $2300/ mo? How much is this house? It doesn't come across like you and your wife construct enough income to afford that to originate with. You are going to lose the house once the interest with the sole purpose payment switches over to Principle and Interest. What something like the taxes and insurance? Are you even adding that into the equation when it comes to your monthly housing money.
After all that my direction to you is to pay past its sell-by date the credit cards. Then maybe you can buy a house to be precise a little more affordable for what you are going to be bringing within.
Combined you both only construct $41K/ year. If you have to pay cheque $2300 times 12 which is $26000. That is over half your income going to Interest with the sole purpose on your housing note. If any of you have coup¨¦ payments and these other bills your income to debt ratio is very soaring. I would think it would be difficult to acquire you both approved for a loan like this.
The lender sounds hugely shady. Talk to someone who is legit.
I'd pass on this home for right presently. Sounds like your lender is trying to capture you into a $400K home, when you should be looking at a $150K home. Also, he sounds unscrupulous to boot, as he's trying to get you surrounded by somewhere that is passageway above your means.
If you want to buy something, I'd find a suitable Realtor and take recommendation from him/her on a GOOD mortgage lender. I think that's the best ruling you can make, as it will closing stages up saving you money contained by the long run.
Best of luck to you!
For any realtors. What is the difference between a licensed salesperson and a realtor? Which is best to use?
Answers: There are two kinds of licenses :
- Salesperson
- Broker
A Salesperson must work under the direction of a Broker.
A Realtor is a Salesperson or a Broker who is a member of the National Association of Realtors, and who subscribes to the Realtor Code of Ethics
Generally speaking, Realtors, whether they are Brokers or Salespersons, will tend to have broader experience, as well as subscribing to the code of ethics.
I would suggest that you use a Realtor, who will work as a Buyers Agent if you are buying & as a Sellers Agent if you are selling. They can work in both capacities for you if you are both buying & selling.
The realtor is MUCH better qualified then the licensed agent.
Always pick a realtor over an agent.
A realtor and licensed salesperson are both licensed to sell real estate. But, the licensed salesperson may not have an active license and does not have to be a member of NAR (national association of realtors... therefore, does not have the realtor designation).
Use a realtor with experience... search for one on www.activerain.com.
If in need of a realtor in the houston, tx area... go to www.har.com/rocio.
Hi tulsamum,
A licensed salesperson is someone who passed all the requirement in getting a real estate license.
A REALTOR is a licensed salesperson who adheres to strict ethics guidelines and higher level of service. For more info, check http://www.realtor.org
Me and a roommate rent a house, I am moving out and want to take my name off lease, can I if we are month to m
Answers: If you have a month to month then all you need is a month notice to end the lease, now not all landlords are to swift, I have seen some who even with a month to month try and say you both must give notice to move
this is incorrect and do not let them try this, also take pictures of the place when you move out, do not let the landlord say you do not get your security deposit back until the other roommate leaves,
Yes. You are month to month. You can leave whenever you want when you are on month to month, just give the proper notice. You will have to notify your roommates and the landlord with a 30 day written notice. If your name is on the lease, you may need to write a notice to vacate letter with your roommates signature, stating they acknowledge your intent to move. Reread the lease as some landlords require more notice. You will need to pay your rent portion up until the day you move out. In your 30 day notice, request your name be removed from the lease and to refund any portion of security deposit that may be owed to you. Make sure you take pictures, and leave the place in good condition. Also, make sure you leave a forwarding address.
Good Luck!
It depends on your rental agreement and your state's laws. Sometimes only one tenant is required to provide a move-out notice. However, if your roommate doesn't move-out then the unit may not be considered vacated and the agreement could continue with your name.
You're part of a three-party agreement (you, your roommate, and the landlord). The safest way to remove yourself from the lease is to have you and your roommate send a signed letter via Certified Mail stating that you intend to vacate in 30-days and your roommate intends to stay. Your landlord can either decide to enter a new agreement with your roommate or deny your roommate's request. The landlord may request that your roommate reapply and qualify.
If your roommate is uncooperative, then send a 30-day move out notice via Certified Mail and keep in contact with the landlord.