Should I rent or buy a new home?

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Havahsmommy

Asked by Havahsmommy at 8:13 PM on Jun. 26, 2008 in Home & Garden

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Answers (13)
  • You are currently in the best house buying market that we have seen in this country since World War II...buy the house!!!...you can get the deal of the century!
    MommasCooCoo

    Answer by MommasCooCoo at 8:16 PM on Jun. 26, 2008

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  • Prices are down yes, but nobody can get a loan. You may have no choice but to rent. good luck!
    sondrajoy

    Answer by sondrajoy at 8:29 PM on Jun. 26, 2008

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  • Now is the BEST time to buy a house. So, if you've got good credit & fairly low debt-to-income ratio, by all means BUY THE HOUSE! It's a great investment & when the housing market swings the other way (which it ALWAYS does) you'll have some instant equity in your investment. My 1st recommendation is to go to a lender of your choice & discuss financing with them. Once you know what you're pre-qualified for contact a reputable Realtor in your area...if you happen to live in NE Ohio you can call me ;)lol The Realtor will help you find what you need & in your price range! Good luck to ya!
    charity987

    Answer by charity987 at 9:09 PM on Jun. 26, 2008

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  • The market is great right now. How is your credit. If you do not have any outstanding loans/dept (what I mean is are you current on all of your bills?) then you will be able to find a good FIXED RATE loan. Me and my hubby are house hunting also. Do not be intimidated by all the hype that is out there. Find a good lender and realtor and you will be able to find the house you want at a REALY GOOD price.
    Mrs.Chase

    Answer by Mrs.Chase at 9:19 PM on Jun. 26, 2008

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  • You may be able to look into a HUD home, it's homes that the government owns that were reposessed from the bank. You can get a 5 bedroom house regularly for like 160,000 with hud homes, you can get one for like 85,000. So I'd try that if I were you, hope this helps!
    flutterby87us

    Answer by flutterby87us at 9:52 PM on Jun. 26, 2008

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  • You might look into getting into a Townhouse instead of a home. You can get more for your money doing that, and you would also be in a price range of house that would not be so hard to resell if you wanted to in the future. Keep in mind maintanance costs money to to maintain a house. There are taxes, and your house payment continues to go up every year with the increase of house insurance and taxes. Eileen
    EileenMarie

    Answer by EileenMarie at 12:29 AM on Jun. 27, 2008

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  • Given the state of affairs in the housing market...If you have EXCELLENT credit, some savings, and a steady job/income ratio, you MIGHT be able to snag a FORECLOSED home! Banks do NOT want to be landlords/homeowners, they just want to recoup as much of the defaulted mortgage loan as possible by selling the homes that they have foreclosed on, which means a potentially good bargain for you! I would buy a duplex or two-family style home-and rent one unit, while living in the other...the income from the rental might just pay your mortgage and then some!
    LoriKeet

    Answer by LoriKeet at 5:57 PM on Jun. 27, 2008

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  • My husband ad I do not have EXCELLENT credit and we got approved. Look into it and you will see that there is more HYPE than fact out there. Banks still WANT to give out loans. You will be able to get something besides a FORCLOSED house. But don't rule them out there are some really nice ones out there, Good luck with what ever you choose
    Mrs.Chase

    Answer by Mrs.Chase at 8:53 PM on Jun. 27, 2008

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  • we are currently renting because we don't know how long we are going to be in our current town but if you plan to stay around i'd look into buying. We compared pricing and it was going to be about the same plus your putting money into something that is yours! As far as the forclosed home go, it's worth looking through. I know with family expierences they usually take a lot of money to fix up or they are set according to the housing prices but again it's worth the look! You never know what you could find!
    kinzleysmommy

    Answer by kinzleysmommy at 9:41 AM on Jun. 28, 2008

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  • if you buy, do NOT get an ADJUSTABLE RATE MORTGAGE. That is why so many people are facing foreclosure. Get a FIXED rate, ONLY!

    Also, if you don't make a lot of money, look for govt or FHA loans.
    Keriokeeee

    Answer by Keriokeeee at 7:21 PM on Jun. 29, 2008

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