We are renting at the moment from bee's aunt and with how shady the deal has gotten here we are looking for a better place to rent or rent to own. The one thing that needs to be a must is a big garage. the bigger the better. We are waiting to see at the moment if we qualify for a mortgage so buying might be a option but with me being self employed and bee having the two cars in her name I'm not holding my breath. So if anyone knows of any good deals let me know. matt
My only advice is...explore the buy option, you never know until you look into it. You can get a lot of house with your monthly budget these days. I still stay in touch with our realtor, and can send you his info if you want.
In this market you can get a lot of house for $1500/month. Especially if you have a decent chunk of money to put down, and good credit. Even without those things I still think that the buy option should definitely be explored. Renting for $1500/month really seems like throwing money down the drain, IMO.
i hear ya. its just with our situation its tough. we can afford it it just does not show it with our taxes. and with that being what they look at. we are not looking good for the buying market. but that;s first on our list so we will see shortly. until then if anyone knows of a place let me know.
Matt, any specifics of where you are looking to locate to? Holy moley.. 6%?! I dont know how I did a mortgage for 3.27% and 10 down as a 22 year old.. But, it was probably the only smart move I've made in a while.
I could have went for a 3% interest rate but for all the stuff that was paid up front for me by the mortgage company it would have ended up being closer to a 7% interest rate had I not gone the route I went. I paid nothing in closing costs as well as a few other things
You might want to re-think your math. Closing costs are like 4-5k. If you are paying 1400/mo, I'm guessing your house was in the 180-200k range? Your first mistake was only putting down around 2%. That's part of the reason your interest rate is crap. Closing costs aren't going to equate to a jump from 3-7%. What exactly did your mortgage company pay for that without it, would have equated to you paying 4% higher APR over the life of the loan?
Closing costs on the home were actually 8k. 1year of mortgage insurance premium(3k) one year of mortgage insurance (1,150). Should I have paid more down yes. But at the time my lease was up on my apartment that's what I had accrued in funds so that's what I put down on the home.
You're going to be paying far more than 12k extra over the life of the loan due to that extra 4 percent. My mortgage payment last year at 6.5% was 1550.00/mo. That mortgage was started back in 2004 when rates weren't so nice. I just dropped it to 3.8%, and my payments are now 400/month less. At that rate, it would take me 30 months to overcome the 12k in fees they would tack on to the loan.
Can't help with the rent/own stuff but you did mention garage space. This recently popped up on the local evo forum.... http://mn3s.org/wordpress/?page_id=1047 My cousin recently sent a link to this house down the road from him in Ramsey(2 car plus second detached 2 car garage) http://msp.themlsonline.com/details,dc09fd54741d2007c0c03c5848c54ece,1,results,4334678.html Shameless plug for my neighbor who just put his on the market last week. Small garage but the neighbor guy is pretty awesome http://www.edinarealty.com/homes-for-sale/MN/Blaine/55434/10729-Able-Street-NE-85845482
yeah i have seen that one on the evo forum. i have found a lot of sweet houses to buy but not too many that do the rent to own or just rent that is a decent deal.
Maybe you should try to contact some of the ones that you may be interested in and ask them if they'd have any interest in a "rent to own" option? I would think that if they have had their home on the market for awhile with no interest or showings that they may at least consider the idea. I don't think that it would hurt anyways. Just throwing it out there mang! Good luck with your search!!
yeah we thought of that. we just just started looking and just wanted to see if anyone had the easy option that they knew about but think it will come down to that.
Gotcha! I know that if i was trying to sell my home for the last 6-12 months, that i personally would be open to the idea! Especially if i had already found a new home and was paying two morgages! As stated, good luck! Hope that you and Bee find something that fits your wants/needs.
i want to recommend penfed credit union for a mortage loan. you can join by donating $15 to a veterans funds. i think their 30 yr loan is like 3.125% my car loan is through them at 1.49%
