Profile picture for may1326

MY RENT IS 900.00 A MONTH WHAT KINDA HOUSE CAN I GET FOR THIS AMOUNT?.

   I RENT  AN APT FOR 900.  A MONTH.  CAN THIS BE A MORTGAGE PAYMENT?
  • August 25 2011 - Norwich
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Answers (3)

You could absolutely own a home in this market for equal too or less than what you pay in rent.  The mortgage on a condo or a small starter home could easily be less than your $900 rent.  Here are a few things to consider though.  Taxes, insurance, PMI (principle mortgage insurance) if you do not put down 20% and condo fees if they were to apply.  You also might want to take a look at short sales because they are usually priced aggressively and a great option for a first time home buyer.  Try playing around with the mortgage calculators and that will give you a good idea of what you can afford.  Once you feel comfortable with the numbers contact a bank or mortgage company to see how much you qualify for.  With the low interest rates and decline in home values, this is the best time to buy.
  • September 12 2011
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I usually tell my buyers to figure $550 p/m for every $100,000 they borrow.  You will then need to consider Taxes, Insurance and HOA Fees if purchasing a condo/townhouse.

This is a great time to buy with interest rates and prices so low.  I suggest anyone who is renting to consider buying now if they can.

In CT there are programs for first time home buyers that allow you to borrow 100% so you would need minimum money to buy something.

Hope this helps.
Ray
  • August 26 2011
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Profile picture for wetdawgs
$900 a month could be a mortgage payment, but there is a lot more to home ownership than the monthly payment.  Have you had a chance to tinker with the mortgage calculators under the "mortgage rates" section (at top)? 

Some of the important questions:  Do you have a down payment saved up?   Are you calculating the amount needed for routine maintenance as well as the fun stuff such as roofs and furnaces?    Are you planning to be in the location for at least 7 years?


  • August 25 2011
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