Monday, January 18, 2010

First Franklin Home Mortgage Buy A Home Versus Rent? Full-time College Student W/ Part-time Job.?

Buy a home versus rent? Full-time college student w/ part-time job.? - first franklin home mortgage

I'm 20 years studying full-time college with a part-time work (as much). Currently I live with my parents and all is well. I have a full scholarship and has no student loan. I also saved about $ 21,000 in various money markets, mutual funds (Janus and Franklin Templeton) and savings accounts. If we understand buying a house, my parents help me, their invoices, payments, mortgages, etc. You will receive plus a tax cut (second home) for sale.

We are in no hurry to buy a house, but everything we recommend, in view of my situation? Wait a little and stay at home? To save more? Buying a house or a house (what?)? Rent?

Oh yeah, the price range that we see between $ 50,000-100,000 for a small house. Furthermore, we live in a safe area, with the school district in which quality homes tend to appreciate it.

Thank you for your advice.


Go Bears! said...

If you can afford it, I recommend you buy. If you are in no hurry to have to leave home to your parents, but it is the best place to stay and continue to conceal the money. You can use a retirement account in addition to what has been done openly.

BTW - Take your savings! Few young people are industrious. Congratulations!

Jim N said...

If you are a student of economics is probably the current crisis on the real estate markets, and be aware of the sharp drop in many stock markets in response to the many poor-quality loans that were made. A leading economist, predicts lower property prices in 10 years by 20-30%. Fifty years ago, a banker would laugh at her office, if you asked a mortgage in your situation. Frankly, it would be unwise to buy a house. You have to overcome no income or financial means to buy a 20% decrease in the value of a house, and you can not afford the burden of ownership, ie. Rent repair, maintenance, property tax, it gives you the mobility you need to accept jobs, even though thousands of miles. Rent and be happy.

Jay K said...

They seem to have a good situation now. I would say if you must leave, even if the rent is a market of buyers on the market. Ownership / maintenance of a house, a full-time student at the college level, it is harder than you, if you have the luxury of setting a girl thinking. An apartment gives you the freedom of parents without the headaches of home ownership.

If you really want to buy a house, make sure you are) your mortgage payments (principle, taxes and insurance not more than 28% of monthly gross income.

God bless you.

saberhil... said...

So much depends on where you live! Is this in Illinois? Is it Texas? If this is the place in Houston to Dallas?

Can you even homes in the $ 50K-$ 100K range in the area of the city you want to live?

What are the fees or termination fees (if any received) in cash from their accounts?

Realistically afford your parents may have two installments?

Give to all to a truly global response, we will need much more information.

A big question is, where to go to college, where you live for years to come to us? Averg The length of time people spend one on a house is 7 years. So you want to stay in this area for 5 years after college?

I suggest that you not only have an interest mortgage, or an arm. Shoot for a mortgage for 40 or 50 years down. This way you can have a lower monthly mortgage payment, while still giving its director. Even if you pay more (For example, when your first major task to be after college) in a position to afford the monthly easily. ToFor example, you can know how the payment was set for a mortgage 30 years and pay that amount in 50 years, setting that you can repay your principal faster.

sooner.b... said...

It is always better to buy. Be sure to get an inspection by someone you trust, or at least not a car salesman. Figure a bill home improvements (in the range of your look will be a few more) and ensure you hire a contractor as a list of at least three bids per contract selected, windows, doors, etc. Make sure to call references of the contractor. If possible, as much work as you, if you have a reasonable ability with tools, a step-by-step instructions and a copy of the code enforcement manual have the spot. You can also work in accordance with the laws one of the municipalities. As in its finances included in advance! Looks like you have a good head on his shoulders and has more than 20K savings will not break the bank to buy a house. It is a buyers market in most parts of the country at a fixed rate mortgage to secure and pay no more than 6.8%. And last but not least, is not personal, but if you solve it with his parents to the house in his name and share as you build your credit scoreand offer a good investment.

Post a Comment