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Lights flicker from the opposite loft

I'm thinking of buying a house.  Yes, this is in part because of my enormous frustration with the cable situation.  But also because I'm paying a lot of money for what is ultimately a fairly small and inconveniently-arranged space. 

My parents have tentatively agreed to help out with the down payment.  I have enough income, but I have only about half the cash I'd need for a sizable down payment.  I've offered to pay it back, pay interest, etc. 

I still have lots to learn.  I can't even remember the name of the insurance you have to pay for if you don't have a 20% down payment.  I'm not even sure I have that factoid right, that 20% is the magic percentage.  

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capemaynuts
Feb. 20th, 2011 10:02 pm (UTC)
Take your time and do your research. Talk to mortgage lenders and look around where you want to live. I don't know where you are, but in my area, the mortgage is not a problem, its the property taxes that are causing all the foreclosures. I'm almost at $9,000.00 a year and I know others paying way more then that. So before you agree to a mortgage and think you can easily handle the $700 a month, make sure that you can also cover the cost of homeowner's insurance, taxes and utilities as well as have a nice amount of savings to deal with problems like replacing appliances. (My inexpensive dryer cost over $500)
Good luck. Home ownership is wonderful, but takes a lot of work too.
np_complete
Feb. 23rd, 2011 10:16 pm (UTC)
Thanks very much for the good advice! Fortunately, property taxes here seem to be much lower. ($9000? OMG!) The real estate sites seem to list the taxes for houses pretty regularly. But one of my goals will be to get a picture of the total cost of living in a place before I consider buying it, factoring the things I don't currently pay (directly) for, like snow shoveling, yard care, gutter cleaning, and so on. I do have renter's insurance now, so that's something I'm already paying for, but I'm sure home owner's is much more expensive.

Thanks again for the advice and suggestions!