| When looking into anything new, it is
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| | take into account several factors. Most
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| normal to have questions. Here are some
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| | lenders accept a five percent down
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| common questions and answers about real
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| | payment, so you will need that up front.
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| estate to help you gain that edge when
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| | What remains after the down payment is
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| deciding whether buying a home is right
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| | what you will borrow.You will have to
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| for you.Which is better: renting or
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| | figure interest, mortgage insurance, an
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| buying?
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| | escrow account, and possibly taxes as
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| Before buying, you need to determine
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| | well. All of that is added to the amount
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| what will save you money over the long
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| | of monthly principal payments, and that
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| run, and what might be of the most
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| | is your payment. Most lenders want to see
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| financial benefit in the future. It is
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| | that your payment is only .28 of your
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| indeed cheaper to rent, even in the long
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| | income, although some are stretching it
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| run (according to a Joint Center for
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| | to .30 or .32. Take your monthly payment
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| Housing Studies of Harvard University
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| | (everything included) and divide it by
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| study). Additionally, when you rent you
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| | the percentage your lender finds
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| do not have to pay maintenance costs, as
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| | acceptable. Then multiply by 12. That is
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| those are the responsibility of the
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| | the yearly income you need.So, if your
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| landlord.However, there are tax benefits
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| | monthly payment expenses total 983
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| to owning, and the home will likely
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| | dollars, this is what you would need:
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| appreciate in value, allowing you to
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| | 983/.28=3,510.71
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| possibly make money. If you buy a home
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| | 3,510.71x12=42,128.57.To be safe, you
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| now for 150,000 dollars, in a few years
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| | would need to make about 43,000 dollars a
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| is will likely be worth more than
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| | year. In order to see if you can manage,
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| 200,000. Additionally, rent always goes
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| | open a savings account and put the down
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| up, but your monthly housing costs remain
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| | payment in the account. For six months,
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| relatively stable when you buy. Until you
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| | add the amount you would pay above your
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| reach the end of your mortgage when it
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| | rent to the account (if you pay 600
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| drops to zero.Ultimately, it is up to you
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| | dollars in rent, put 383 in the account
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| to weigh the pros and cons. There are
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| | each month). If you can handle the extra,
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| advantages to both renting and buying,
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| | you can afford the house.How can I know
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| and you need to determine what works for
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| | whom a real estate agent is working for?
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| you.How do I figure how much house I can
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| | When looking for help finding a home,
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| afford?
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| | many people turn to real estate agents.
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| The big question that needs to be
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| | However, many agents are just looking to
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| answered before buying how much can one
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| | sell a home.
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| afford? To figure that out, you need to
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