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Buying a Home for the first time.

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:1

Hi. I´m a College student and because I study far away from home, I always have to pay for rent, and I was thinking that if instead of expending all that money in a apartment or Campus Housing, I could start investing that money in a home that would be excellent.Right now I have some saving and I know that If I can find a decent place at a reasonable price, I could pay my monthly payments on time and in that case I would be buying a home and not just throwing my money away.
I´m new with this matters, but I know that with the economy being so volatile at this time, I can find I good investment and in that way I would be investing in a property for the future.
I´m not looking for a mansion, but I have seen some really nice foreclosure homes and on sale homes that I know I can afford.

Where should I start.
Right now I do not have a job,but I have a reliable income resource that covers my Housing expenses.If I can find a home that is around of what I have been paying in the past, I know I can afford it.

I will really appreciate your advise!.
Thank you so much in advance!

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May 28 - US

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sunnyview
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I also forgot to mention that you need to pull your credit report and score. The credit report can be ordered for free once a year here but you will need to pay one of the reporting agencies about $12 for your score. The better your score the cheaper your mortgage loan will be. Make sure and talk to several local banks or lenders when you shop for a mortgage because their fees vary widely. Credit unions or large banks often have lower fees than mortgage brokers, but you need to weigh the service/rate vs the upfront costs of the loan. If your score needs to come up, there are ways to do that for free and lots of good resources. If you need those, repost and I will throw the links up for you.

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May 29

Spleng
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"The adage that renting is throwing money away isn't true. Owning property for most people is a forced savings account. It's really a discipline thing. You could rent your whole life and come out ahead of a homeowner IF you could force yourself to save lots of your income consistently."

Here is golden truth.

Thank you Real Estate Mike.

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May 29

sunnyview
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sunnyview

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Zillow has some great calculators to get your started here. You need to make up a budget. The best online calculator that I have found is here. You need a budget so you know how much you can comfortably afford each month. Buying is not exactly like renting. Once you buy, some expenses like your mortgage are fixed, others like taxes or insurance will track up over time, but can be roughly budgeted for and some expenses like "oh my God the toilet is broken" are a surprise. You have to budget for all of these together and they vary month to month. Some months have no repairs or maintenance while at other times you will need money for regular or emergency repairs to your house. You need to run the numbers yourself before you contact anybody so you will not feel pressured or guided into a mortgage that you can afford at first, but are uncomfortable with later. You can use calculators from Zillow or here to look at the costs of renting vs buying in your area. Buying is great if you know what you can afford first and you do your homework. Zillow is a great place to start doing that.

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May 29

sara bonert, "Sara Bonert"
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sara bonert, "Sara Bonert"

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Sara from Zillow here. We actually see that real estate around college campuses tends to hold value pretty well. But of course, all real estate is local. If you give the agents here a better understanding of the area in which you are looking, they may be able to provide more customized information for you.

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May 29

Michael Russell, "real estate mike"
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Michael Russell, "real estate mike"

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The adage that renting is throwing money away isn't true. Owning property for most people is a forced savings account. It's really a discipline thing. You could rent your whole life and come out ahead of a homeowner IF you could force yourself to save lots of your income consistently. I'm guessing here but probably: you don't have to maintain your lawn like I do, your rentors insurance is much cheaper than my homeowners, if something breaks so what the landlord is supposed to fix it, you have no trash collection bill. Buying a house isn't all about coming out ahead; you can do that by disciplined savings. It is very nice to own a home though.

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May 28

Kristopher Morgan, "Kris Morgan"
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Kristopher Morgan, "Kris Morgan"

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You must have a job to qualify for a mortgage. Or get a co-signer for the time being and refinance it into your name only when you get a job. You can qualify for a loan with an employment offer letter as well as providing your school transcripts.

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