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So if I pay $37,000 in interest over 10 years, I will be throwing away about $310.00 a month that I will never see again. The rest of the payment is principal that I may or may not get back depending on the market etc. It sounds a little like gambling that I know a lot of people have recently lost big. My 5th Wheel RV is paid for in full. I am a single guy and live in it comfortable. I can find a space with a lot rent for $300 per month.Isn't it safer to pay the $300 lot rent which is the same as interest that I'll be paying and put $500.00 a month in savings instead of a house payment? I am just looking at the best way to save money for the next 10 years until I move to Florida. I don't like that I am loosing money on lot rent but wouldn't I be loosing about the same amount in interest from the home loan? How about saving for 3 to 4 years and pay cash for land that will allow an RV (Picture Rocks)? Besides property tax I could save more money. In these days, is a house really that great of an investment?I have a credit score of about 730 and it would be higher but I have a student loan and child support on my credit that will keep me from getting a loan, I am assuming. I have $10k as a deposit and I have a yearly income of $60k. I have a feeling that I have no choice but to live as cheap as possible, put money away and pay off all debts. I am just trying to figure out the best way to go.Thank you so much for your feedback!
There are many more factors to consider... A lot will depend on the type of loan - FHA or Conventional. You'll need to speak with a Loan Officer who can give you exact numbers and help you determine what the closing costs, mortgage insurance, and other fees will be. There may also be first time home buyer assistance that you might want to take advantage of as well.Not to mention that there can be large tax advantages to owning your own home, like the Mortgage Interest Tax Deduction. Depending on your tax situation, that can save you thousands per year.And even though the last few year have been rough, it is very likely that the home will appreciate in the next 10 years - but a 5th will will only go down in value.You should seek the advice of a loan officer and tax professional, and then talk to a real estate agent in your area to help you get a better idea of the pros and cons.
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