my fiance and i are looking for our first home out of our parents houses. Well we still got a while (plenty of time) to look. But it doesnt hurt to plan ahead. Apartments here are about $700/mo. and up if we dont wanna live in a bad area. At these prices we may as well look into getting a house. i feel safer with a basement durring bad storms. I was looking at a house and the mortgage said est $350/mo. is that like renting or what? how does that work?
Answers (3)
With a mortgage you get a loan from a financial institution ie a bank, credit union, or loan company at the lowest percentage rate as possible. When the principle and interest is paid in full the deed of he house is turn over to you. Now when you rent a home you live there just as though it was yours , but you can't file the tax and interest
on your income tax, nor can you take a loan out of the equity of the house, because you are renting it.
So at the end of your lease if you decide not to renew it, you can just move, hope this kinda helps.
Contact Wells Fargo.They are the best & most helpful for 1st time Home Buyers & can guide you through everything that you need to do & probably cheapest interest but make sure is fixed rate interest as other can be a disaster for you down the line.They get you on it but later may sell it to one like Citi, which worked well for me.
Good advice,