Another question got me thinking. I read a few answers from several questions over the last few days about buying a house and still getting food stamps. Regardless of your opinion on the subject, I saw that people were claiming how much money they spent on rent and how it would be cheaper to own a home. What about closing costs, down payments, and mortgage insurance? Just out of curiousity for those of you who own homes:
How much were your closing costs?
We bought our house 6 months ago and our closing costs were around $16,000 (including down payment).
Just thought I would shed some light on how expensive it is to buy a home....
Answer by slw123 at 2:48 PM on Jul. 28, 2010
Answer by thatgirl70 at 10:01 AM on Jul. 28, 2010
Answer by LoriKeet at 2:01 PM on Jul. 28, 2010
Answer by happy2bmom25 at 10:04 AM on Jul. 28, 2010
Answer by kc932 at 10:04 AM on Jul. 28, 2010
our closing costs were about $30,000 i think and we did not get a down payment.... we got a second loan for that (100% financing). but i do agree that it is better to be paying a mortgage than to pay rent. when you're paying rent you don't own anything in the end and you still pay about the same amount. and i am in a bad situation about this housing market (my house is worth $250,000 less than when we bought and the second loan for the down payment has a higher interest rate but of course we can't refinance the loans bc we have lost so much equity). i still think it's better to own than rent. and about the taxes.... that is factored into the mortgage payment so it's not really a out of pocket cost
Answer by princessbeth79 at 10:10 AM on Jul. 28, 2010
Answer by beanielips at 10:10 AM on Jul. 28, 2010
Answer by aliceinalgonac at 10:22 AM on Jul. 28, 2010
Answer by SAHMinIL2 at 10:23 AM on Jul. 28, 2010