Colleen Corgan
Colleen Corgan
HotPads.com
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4 years ago
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I see my friends buying their first homes, and I'm wondering whether I should be buying instead of renting as well.

The problem is that I cannot afford to buy a place as nice as the homes that I rent and don't want to give up location or amenities just so I can "own" my house. But, am I just throwing my money away?
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Essex Mortgage Bank First Time Homebuyer
Essex Mortgage Bank First Time Homebuyer
Real Estate Professional
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4 years ago
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My job as a Mortgage Banker is to help borrowers get into the very best loan that suits their needs .I hate to admit it but in some cases, renting a home as opposed to buying it may be the best solution. I earn a living helping people finance homes but I am also a very honest person and in the end want the best for a person.The last thing I want to do is to get the borrowers into a home and have them lose it to a Foreclosure sale.Unfortunatly there are other Mortgage Brokers who will work with a current renter and seller and do practically anything they can to get them into a home with a very low and affordable teaser rate that is tied to a index that increases beyond the borrowers ability to make the payments.I prefer to work with clients who, after looking at their current situation, find that renting is currently their best choice, I refer them to an agent who handles the remainder of the transaction and I feel I have done my service to the best of my ability.The borrowers who I am honest with and advise them that right now is not the best time to buy I know that at some point in the future, the clients will reassess their situation and when they decide to buy, will contact me to do their financing.

When people are trying to decide whether to rent or buy, there is plenty of useful advice available on the internet to help them with both the financial comparison and the more subjective issues. For example, when you buy, you have more control over what you want to do with the property. When you rent, it's easier to move if your circumstances change. Which is most important is up to you. There's no "best solution" for everyone.

If you or someone you know is working on the answer to this question, here are couple of good places to get both the financial and subjective answers.Go here www.fhasubmissions.com and you will find a good set of mortgage tools at that includes a good Rent vs Buy Comparison Chart and a monthly payment calculator chart.

Also Feel free to contact me with any questions you may have.Jeffrey Martino Young at Essex Mortgage Bank In Santa Rosa,Ca.95404 toll free 1-866-936-8478.

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Nancy Alex
Nancy Alex
Landlord
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4 years ago
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Home ownership is not for everyone! There is a lot of responsibilities when owning a house. And just think of all that yard work you would have to do! If something breaks you just can't call the owner and have them send someone to you! I feel if your happy that you are not throwong your money away. I hope I helped!

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Ritchie Vachhrajani
Ritchie Vachhrajani
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4 years ago
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Honestly, I am not from this industry and probably that is the reason, I would ask you to ask yourself the following questions...

1 - Do you already know or have the estimate of the other duties and charges assigned with the home owners?
2 - Benefits in tax for home owners?
3 - Do u think you alongwith ur family are going to spend a considerably long time at the same place?
4 - Do you exactly know what kind of apartment you would like to buy? have u already done research for pricing and everything? If not, spend time, be a potential buyer and do a research.

These are the questions you already know but if u have the answers, the decisions would be easier. Plus, I also salute ur thoughts about waiting for the homes that u rent.

Yes, when you own a house, u want to be proud of it. No point of buying a house just for the heck of having the ownership... If you really like the house, area, facilities etc. And all ur answers for the questions above are positive - Go for it! It definitely feels like a dream of owning a house you love! Yes it costs more, but instead of just weighing the financial matters, you should respect ur sentiments as well! However, I assume that u have a stable job and qualification that anything goes wrong, u are capable to manage the situation!

All the best from someone who has nothing to do with real estate or finace!

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Lisa Schofield
Lisa Schofield
Real Estate Professional
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4 years ago
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As a realtor who has worked with First time homeowners for years that is not an easy question. First and foremost keep in mind that everyone has a different objective when they buy a home and some people will give up amenities for future profit. A lot of investors and homeowners are buying now because they know that the price of homes and the interest rates coupled with the current tax benefits are not going to last and that they are in a buying postion better than any other time. Take away the tax credit and just focus on your reason to buy. Some questions to ask yourself....How long do you plan on living here? Is there a possibility my job could change and I might have to move? Is this property rentable if something unforeseen comes up? Is this home for future investment as well as a place to live? What can I give up for future monetary gain?......these are just some of the questions I ask my clients when they are deciding to buy. Some have found that at this point in time they cannot buy what they want and wait until they have more to put down. Some decide that while they are waiting to put more down they could be gaining equity in an area that has stabilized and add that to their future dream home.........some are handy and can add equity by doing upgrades while they live in the home........lots to go over with your realtor. I have been thru the process personally and with many clients. If you need help in the phoenix market please feel free to call Lisa Schofield MKR Realty-Managing Broker-480-540-1443

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Culver City Realtor
Culver City Realtor
Real Estate Professional
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4 years ago
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I think so, and it's not because I'm in Real Estate. I have always hated the idea of paying out and never having anything to show for it. This is a decision you have to make, but I would always buy, rather then rent...no matter what the market.

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Roseann Annis
Roseann Annis
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4 years ago
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If you are looking to stay in a particular area for a minimum of five years, have a steady job, and about $5,000 in savings, and need a federal tax deduction, then you should consider purchasing a home. The first step is to get a mortgage pre-approval. Your lifestyle and personal preferences determine the type of home: town home, single family detached, condo (no land conveys). The number one consideration, in addition to affordability, is location. The second is condition of home. You might want to do a cost analysis comaring and contrasting proposed monthly expenses of rent vs. own. Renting is a perfectly viable option. Yet, with interest rates at historic lows and plenty of available homes on the market, you might start to explore that avenue. Good luck to you!

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kevin storey
kevin storey
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4 years ago
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Colleen this is the best time for you to find a great deal on something just as nice as the house your renting. Since your in no hurry starting looking for that dream home because you can find that deal that is not going to happen very often I know three people that took there time looked at everything owners selling because they have to and even banks are getting stuck with to many houses and you can get houses for less than the value and go in with equity good luck

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Deborah DePolo
Deborah DePolo
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4 years ago
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Colleen, I am a Realtor licensed in DC, MD & VA. I often work with first-time home buyers who ask me this question. As an ethical Realtor, it is often not an easy question to answer. There are many things to consider when buying a house... My first objective when working with first-time home buyers is to educate them and determine their needs and wants. If the buyer has not spoken to a lender, I then refer them to a reputable lender who I know will work-up a financial sheet comparing rent vs buy for them. I believe that is the best way for a first-time buyer to decide if the time is right to buy. That said, interest rates at the moment are the lowest they have been in 50 yrs. I will be happy to meet with for an educational consultation. Email me at deb@deborahdepolo.co, if I can be of assistance to you.

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Zondre Morris
Zondre Morris
Real Estate Professional
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4 years ago
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Hi Colleen,

Today's housing market is a great market to purchase. The prices of homes are down. The interest rates are very low. Sellers are working with buyers to make the sale. There are housing programs still available to help first time buyers with the funds needed to purchase a home too. I am a Realtor in DC and MD and would like to share with you the details about the programs and the process of home ownership. Please send me an email with any addtional questions you may have and let's set up an appointment to talk further about purchasing a home. Thank you!

Zondre Morris
Long and Foster Realtors
DistinctRealtor@gmail.com
301-237-1756

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Keith  Tobas
Keith Tobas
Rental Housing Professional
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1 year ago
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Call a local Broker/Realtor in the area that you're interested in, and have a consultation. There's a lot of good questions out there to be asked, but your best answers would come from a consultation that takes in consideration, the area of highest interest to you. And the best part is that you will be getting the answers from a LIVE professional, and it's FREE.

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