Mortgage ask. Loan amt. 280,00. monthly expenses for, utitities $220. maintance $100 property rates $380 &?
home insurance monthly about $50. I have a sports car loan payment of $350. Would it be better to rent or purchase a home over the next 5 years holding time with a contract rate of 8% and assuming over the next 5 years that the rate will rise 3% annualy including utilities, maintance and taxes to also rise at duplicate rate. Now If i'm only going to pay interest, i come up with $87,574 this is over a 5 year period at the 8%. How far sour am I ?. I for got renting would be about $1400. a month and insurance $25 plus utilities around $220. over 5yrs. to me renting would be far cheaper?
Answers:
If you are getting an interest simply loan, you will lose your house in a matter of 5 years because you will owe more than it is worth
Yes, it would be cheaper, but you don't own anything and enjoy no tax write off.
You are paying someone else's mortgage.
If you can afford to buy, consider it a better choice.
I'm not sure that I infer everything that you're asking, but you are not factoring in the fact that 1.) the mortgage interest is charge deductible, and 2.) you will own your home, which will increase in value.
If you are not planning to repay anything on your principle and you don't need the tax estimate, then it might make more sense to you to rent.
If I be in your situation, I would purchase a smaller home. You can't be getting a very significant apartment for $1,400/month; I would buy a home that's similar in size, which would make owning your home the more sensible solution. Source(s): Mortgage Banker
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Related Questions:
If a parent co-sign on a mortgage what intereste will the loan be at?
If the parent would be normally be eligable for the best interest available will the same interest rate be available if they be co-signing on the mortgage. thanks in credit no, the interest will not be matching interest as...
Answers:
If you are getting an interest simply loan, you will lose your house in a matter of 5 years because you will owe more than it is worth
Yes, it would be cheaper, but you don't own anything and enjoy no tax write off.
You are paying someone else's mortgage.
If you can afford to buy, consider it a better choice.
I'm not sure that I infer everything that you're asking, but you are not factoring in the fact that 1.) the mortgage interest is charge deductible, and 2.) you will own your home, which will increase in value.
If you are not planning to repay anything on your principle and you don't need the tax estimate, then it might make more sense to you to rent.
If I be in your situation, I would purchase a smaller home. You can't be getting a very significant apartment for $1,400/month; I would buy a home that's similar in size, which would make owning your home the more sensible solution. Source(s): Mortgage Banker
http://www.benchmarkofbr.com
Hi,
I used "Credit Solution" to settle my debt .They manage to reduce my debt up to 58%.It's legitimate.I come accross this company on NBC News Special Edition.Check it out here:
http://301url.com/awh
Related Questions:
If a parent co-sign on a mortgage what intereste will the loan be at?
If the parent would be normally be eligable for the best interest available will the same interest rate be available if they be co-signing on the mortgage. thanks in credit no, the interest will not be matching interest as...