Which choice is better financially?
My boyfriend and I are both finishing up our senior year in college (graduating within May '08). I just get a job, but I can individual work about 20 hours a week since I am a full time student. Same situation beside my boyfriend.We rent right now. We clear $1000 a month to live in a shared home next to plywood floors and a crappy dishwasher. We live with 3 other college students who are really messy.
Our lease is up contained by May, and I would LOVE to buy a home, but I know if I talk to a mortgage lender, they will probably basically laugh within my face since we don't own much money. I was thinking if I should buy a mobile home? There are some within my town that aren't bad. I would NEVER want to live within a trailer, but I think I can come to lingo with it if it is short-term, and that way we can free our money and when we sell, we will at tiniest get something fund.
SO: Should we continue renting, or buy a mobile home? Or what other option do we have?
Thank you!
Answers: i would look into renting another place, untill you hold a full time job and a flawless down payment. remember keep under surveillance your credit score 700 points and up will catch you a better rate. as for the mobile home they loose thier value VERYquick. appropriate luck!
do u want real world answer?
you and 'boyfriend' should not ever never 'buy' a house together. simple.
u and 'boyfriend' should hold renting until you decide he is marryable.
if ur rent is too high-ranking go find something else.
as for renting person expensive wait till u find out what a house really costs.
read ' house buying for dummies'
'total money form over'
never buy a 'mobile home' .
never buy when u have no money
never buy when u are within college.
never buy until u have a available job for year or more.
never buy until u are married for year or more.
never buy when u have more 'student loans' than money familiarity.
keep renting or u will swot some very expensive programme.
real world answer.
Live in the SE of England? What do YOU think will happen to property prices this year?
Answers: Interest rates will be lowered, but there is still the "sub-prime" problem out there meaning lenders will tighted their criteria - for now. However, once all their highly paid people realise the banks are not making any money, they will start lending again. This will make it easier to buy. Couple that with increased immigration and the lure of London, and I think property in the SE will increase by about 8 - 10% this year.
Who knows! I have read every article and watched every special news item on this topic going for the last couple of months and I'm still no wiser.
The gist of it seems to be house prices in the UK are falling, however prices in the south east and London in particular are still higher than other parts of the country.
Personally, I think house prices will continue to fall, but not at the dramatic rate being touted in the press.
Although the economy as a whole at the moment is looking a bit rocky, I don't think you'll see a huge drop in house prices.
The reason being is that the two big factors that caused the last big property market crash were unemployment and high interest rates. We haven't really got an unemployment problem in the the SE and interest rates while they've gone up a bit are not exactly at early 1990's levels.
I think a further rise in interest rates will effect buy-to-letters as they will find it suddenly a lot tighter to pay off a number of mortgages at once - so maybe this will lead to quite a few more of these kind of 1/2 bed flats coming back onto the market with a view to selling quickly - which may at least give first time buyers some chance to get on the ladder.
When the exploding USA debt hits the fan, property prices might fall in Britain as well as America.
But not here in Canada. We are a resource based economy with extremely strong banks.
If you enjoy an island, you may want to consider Vancouver Island (or Prince Edward Island) when you return to Canada.
Unless the melting ice caps keep you away from coastlines. Then I'd recommend Niagara Falls, Ontario *on top of the escarpment".
Why Don't Mortgage Companies Refinance?
Instead of foreclosing on all of those sub-prime loans, why don't mortgage companies in recent times refinance the sub-prime loans into fixed-rate mortgages and keep money coming surrounded by, instead of losing it?Answers: You are working under the assumption that the problem contained by the ARM (Adjustable Rate Mortgage) and not the borrower. The reality is that surrounded by most cases the borrower is the problem. Changing the type of loan doesn't change this. The truth is that deeply of people be given home loans that should not have be given them. Mortgage companies are now realize this. It makes sense for them to cut their losses, as cold-hearted as that may seem.
unfortunatly the genuine logic doesn't work in mortgage companies.
most subprime report were to folks who shouldn't own bought becasue they diin't have the money or skill to keep money.
so they don't qualify below normal rules.
bank are stupid in their rules sometimes.