Will a FHA loan help you? It's very possible and we'll talk more about that later. Are you throwing money out the window by renting? More than likely, yes. But this can be a complicated decision based on several different factors. Sure, you can try the many rent vs buy calculators online, but I have found so many not to be the same as the first one. Talk to a mortgage professional.
When should you not buy a home?
Is this statement, "throwing your money away on rent", a myth? It certainly can be and here is why. When you buy a home, you still have expenses unlike renting.
Okay, are you confused, since I have mentioned some negative reasons why not to buy a house. It's because the positive reasons will outweigh the negative reasons of buying a home. Key word being usually. Your home can become your own personal bank.
Positive reasons for buying a home
In Part 2 : I will talk about comparing renting vs buying in dollar figures. And I will also introduce a few different types of programs to help you in buying your dream home.
The First Time Homebuyer Series :
 |
|
|
Over 16 yrs in the mortgage industry & real estate market, I bring expert knowledge and creativity to financing options & loan programs. Being honest and serving your individual needs is my desire!
An Open Letter to the consumer : Focus on payment and not rate!!!!
It's not the size of your lender, but how ethical your loan officer is !!!!!
An Open Letter to my Dad on Fathers Day - A Father, a Friend, and a Confidant
Mortgage Accelerator Programs - Please, be reasonable....
FHA Mortgage Insurance - New risk based pricing guidelines - Effective 07/14/08
Good Faith Estimate - Good Faith Estimate - Good Faith Estimate -- Did you get one?
Sellers & Listing agents - One extra way to sell your home !!!!
Nehemiah/AmeriDream Down Payment Assistance Programs (DPA's) - Are they that bad?.....
FHA loans vs Conventional loans - Knowing the true numbers....
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
I look forward to Part 2. I agree with Part 1. Now I am running into the interest rate is creaping up and the monthly payment is getting higher than staying and renting.
Hi Jeff,
Another Goldie for the Bookmark Library. Good job! This is the sort of stuff the public needs. Thanks for sharing Jeff.
Susan.... sure, rates are creeping up. But in any case, the numbers are for you when buying a home. Most positives will still out way the negatives, even rates creeping up. What about when people bought homes with 11% to 18% interest rates? Thanks for stopping by.
Lisa...... yes, the public does need to read more of these. Thanks for the polite compliments.
Jeff - our brains must be working on close channels. During my weekend visit to Desert Aire that I just posted, I found myself catching up on some loose paperwork in the sun. One of those things is a report I am writing to offer to renters....just like your great post here!
p.s. MEME coming soon.....
:)
Jeff~
Thanks for this post. I have bookmarked it and appreciate your sharing this information.
Melissa...... so, what is my brain thinking now? ;o) Seriously though, I would love to see this report that you are working on. Thanks for the very polite compliment.
janeAnne..... my pleasure and thanks for your lovely comments as usual. .....
Jeff - lol :) You're thinking about ice cream. Well if you weren't, you are now. ha ha ha By the way, I sent you an email asking about posting the MeMe. Did you see it? This was my question: So do you mean when I post my blog, to reference your "knock knock"? You don't want me to post it inside your block as a comment, do you?
Jeff, you put together a nice post, here. Easy to read. It has a star in my heart. Is that good enough?
Jeff, thanks for the easy to understand and straight to the point posts you always do. I'm sure both professionals and everyone else gains a lot of knowledge from them. Keep them coming! :}
Excellent post Jeff! This is something that agents should use as a hand out to customers.
Melissa...... I actually was Sunday night, so we are a day off on that one. But hey, not bad. You should have received my e-mail in regards to your meme. Looking forward to it.
Chris..... any star from your heart is good enough. Thanks for the warm compliments and for stopping by.
Tonisha.... I do hope a lot of people gain some insight to buying a home from these posts. I love educating the consumer. It can sometimes make my job easier. Thanks for the kind words.
Monika..... any agent can copy these and hand them out. I would be honored if they did that. Thanks for the polite compliment.
Great Post as usual
Rebecca,,,,, thanks a lot, I truly appreciate that.
FHA book.... ??? I wish I knew who you were. In any case, thanks for that wonderful compliment and the comments.
post looks great. Keep up the good work.
Thank you very much for sharing, this is great information!
Shaun.... thanks a lot, I enjoyed this series. And thanks for the compliment.
Shane..... my pleasure and thanks for stopping by.
Jeff -- I am adding this post to the links that I send to my rental clients and leads.