should I buy a house in the next 2 months??

**trader342** · 05-02-2010, 10:22 PM

Hi just wanted to pose this question to experienced real estate people or home owners.

Currently am paying $1,200 in rent.

We were considering moving out to somewhere that is only 600-700 in rent. But then we thought we should buy a house. So we have narrowed down to two excellent houses in great locations, the house costs are only $110-130,000 and around lots of job opportunities for her. I already have an online business. But if it were to falter there is good opportunities there just in case. Upon selling some assets we can raise 20-30K in a down payment, and can afford a 15 or 30 fixed rate mortgage cost (prefer 15).

People are saying it is such a big deal to get a house and this and that. However the cost is very good for a starter home. I don't consider it a big deal, financially, considering what we are paying now in rent. I also don't see it as 'laying down my roots' as I figure I can always move somewhere else and rent out the house, or sell it in the near or distance future if we were force dto leave. (both houses are the cheapest on their streets which I heard is good for investment properties). In addition, my dad would sign with me to give security as I don't have a long credit history.

So I am wondering if my head is in the right place. The lease here ends by August, is it reasonable to buy the house in this time? What will I need to expect to go through the process?

**markbrian** · 05-03-2010, 08:40 AM

I would suggest that you talk with a local lender about getting pre qualified to see what is possible regarding getting a mortgage first. The lender should be able to help answer most of your questions since they will know more about your situation and the specific financing that you qualify for.

I would also start thinking about finding a qualified buyers agent to help you. Having a local real estate professional on your side will save you from so many headaches!

**maui** · 05-06-2010, 02:22 AM

Go one step above that, get pre-approved. You will have a better grasp of how much you can afford before you start househunting. But based on the numbers you posted, it certainly seems like it'd be a better idea to buy (provided that you don't intend to move in the near future). Best of luck and post updates.

**brownnataly21** · 05-06-2010, 02:51 AM

I think you'd better buy. Why should pay the rent if you can in fact afford to buy abd to pay off. But if you are in doubts, you need to talk to an agent or go to the bank or a lender and see your credit history.

**robertwhorner** · 05-06-2010, 08:06 AM

I do agree you should buy instead of wasting your money on rent. But, I would recommend a 30 year mortgage instead of a 15 year, because with a 30 year mortgage your payments will be lower and you can always make extra payments and pay it off early. If you are stuck with a 15 year mortgage and its higher monthly payments, and if down the road you get into a financial bind, you may have problems making that higher payment.

I see it happen all the time.

**Sabir** · 05-07-2010, 04:40 AM

Well to what i think you need to search different types of houses in famous property and real estate portals in your area. That is the best way to find house in your range.

**punita_lemon** · 05-07-2010, 05:24 AM

I think that it would be better to buy instead of rent

**Bones** · 05-07-2010, 07:42 AM

Now is an excellent time to buy a home. Mortgage rates and property values are really low and there are so many homes to choose from.

**chasecraig** · 05-23-2010, 01:18 PM

"Be fearful when others are greedy and greedy when others are fearful." - Warren Buffett

I would say that the majority of people are fearful of buying a home. But as Warren Buffett said above, that is the time when you ought to be buying!

Buy away!

**dreamsocialmedia** · 05-26-2010, 04:37 AM

I'm new to this field, just wanna say to study first the situation if you really want to have the house and you are talking to the right person... make sure your rights are being practice well.