Why you should not buy if you plan on moving soon Colorado Springs refinance
If you are going to stay put in the same location for less than two years, then you should not be committing yourself to a home purchase given the overhead and costs incurred after a home purchase. I just want to go over some of the cost for the home loan. The down payment will be at least three percent. The cost for the loan not including the down payment runs about four thousand five hundred dollars. So if the price of the house is $100,000, the cost of buying a house is going to be about $7500 dollars. If you do not stay in one place very long, purchasing a property may not make sense for you. As you can see this can really take a big bite out of your home savings. Don’t forget that home ownership also entails a lot of outlay such as home maintenance, PMI, property tax, home insurance and the like. Here is how to find out if you to buy a house. Realize, that your total payment on your property can be up to forty five percent more than just your mortgage payment.
Here is an example of this cost laid out for you. In this example we will use a home that has a value of one hundred thousand dollars. Principle mortgage insurance ( this is insurance on the mortgage that is separate from you hazard/home insurance) is going to cost you about 75 dollars a month. The next expense is property tax. Generally property tax will run about one hundred dollars a month Your hazard insurance for the property will be about forty five dollars on this house. This is based on your credit report. So we have total of about $220. Do not forget the up keep on the property. You should add about two hundred dollars for the maintenance. This should be put into a pool for when something comes up. Some months will be more other months will be less.
As for how this decision applies to the current financial climate — at first glance it may seem that now would be a good time to lock in and buy a house given the price slumps in real estate. But because of the instability in the markets, I would prefer to wait things out if I happened to be a potential..It will really depend on what makes the most sense to you. It all so might be a great time to purchase your dream home. So you really need to think this out what best suits you.
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