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im looking for a rent to own house in the salem, ma area

im looking for a house in the salem ma, area. im looking to get out of this whole apartment thing so my kids can have a stable house. i can afford no more then 1100 a month. my phone number is 978-210-3512  my name is brian
  • June 20 2009 - Salem
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Answers (9)

It may not happen in near future, some times decrease or increase, but it will meet the 4.75% inflate rate average in the long run as Wall street estimated.
  • June 20 2009
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Profile picture for BMFPitt
Sedruola's post may intended "The inflation of home price 5% annuallywill offset the 5% interest rate, which is you pay for the bank".

Well that would be good reasoning if there were any reason to believe that house prices would do such a thing anytime soon.
  • June 20 2009
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"I'd be more than happy to help you consider various home purchase options in your area, where the full $1100 will go toward your investment and your future, rather than to rent."
Sedruola's post may intended "The inflation of home price 5% annually will offset the 5% interest rate, which is you pay for the bank".
  • June 20 2009
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Profile picture for BMFPitt
and you'll only be putting a fraction of the $1100 rental cost toward the actual purchase of the home.

When you get a mortgage, only a small fraction goes to principal.

I'd be more than happy to help you consider various home purchase options in your area, where the full $1100 will go toward your investment and your future, rather than to rent.

You're offering 0% then?  Awesome!  Unless you consider interest payments to be, "Going toward your investment."
  • June 20 2009
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generally, people have bad credit for a reason: making bad financial decisions... rent to own seems like another one!
  • June 20 2009
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Profile picture for BMFPitt
im not trying to pay more, i just want to get my own house and my credit is really bad

That's how rent-to-own works.  You pay extra per month on your rent to lock in the price.  This is questionable in good times, and quite stupid when prices are in free-fall.
  • June 20 2009
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Profile picture for BMFPitt
(In email, for some unknown reason)
because im want to create a stable home for my children. i want a home to be home of my own, not with apartments. i hate the apartment thing

I think the best way to create a stable home would be to not waste your money paying a premium on rent for the privilege of paying more for a house later.  What is it about paying extra money for to lock in a higher house price that will give your kids more stability?
  • June 20 2009
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Hi Brian,

I totally understand your need for a house for your kids. As I see in your question, you can afford about $1100 a month. That can actually get you a mortgage right now, with a low interest rate and low prices, rather than renting-to-own, which will not lock in your interest rate until you're ready to purchase, and you'll only be putting a fraction of the $1100 rental cost toward the actual purchase of the home.

I'd be more than happy to help you consider various home purchase options in your area, where the full $1100 will go toward your investment and your future, rather than to rent. Please contact me via my profile to get on the road to purchasing your first home!

All the best!
  • June 20 2009
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I was wondering why you want to pay extra while renting to lock in a higher price for when you buy?
  • June 20 2009
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