Is it safe to buy a house or get a loan these days?
I live in Massachusetts. I’m tired of renting and want to buy a house. I don’t know anything about real estate or bank loans so this is a very general question. I want to live either in Massachusetts or Florida. Is it safe to get a loan for a house these days? I hear all this negative stuff on the news about foreclosures and loans and economy. Any advice?
Manda: Elizabeth gives some good advice. Unfortunately, the correct answer for you varies depending on factors such as 1) the cost of renting versus cost of buying, 2) your credit rating and employment history, and 3) the amount of down payment you can afford, expressed as a percentage of the total loan amount
In specific….
1) Its not always cheaper to buy when compared to rent. When you rent, you don’t need to worry about fluctuations in insurance costs, property tax amounts, and the cost of upkeep on a property. Generally speaking, that’s your landlords problem.
2) Banks are getting more and more selective regarding who they are lending money to. Check your credit score, have at least 2 years of continuous employment at the same job, and start paying down debt as much as you can.
3) Try to have a down payment of at least 20% of the total purchase price of the property. Many banks will not give you a loan without one, although some will. Its also a good idea to have extra money above and beyond this to allow for repairs to a house also.
This answer may seem long to you, but it barely scratches the surface
Waterfront on Watuppa Pond – Unique Home – Westport, MA
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