Quote:
Originally Posted by b1adesofcha0s
No credit card debt now and never will be, I'm smart enough to keep it that way. Car payments are very low ($185/month) and interest isn't too bad either. Don't know what those will be like if I get it under my name though. Just want to know if I should have the car completely paid off by the time I apply for a home loan or if that money would be better spent towards the house's down payment. Only have $10k left on my car loan.
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having a credit card isn't a bad thing, its actually GOOD to have one one your credit report.. I have a "really good" credit score. and part of that is due to a credit card..
but as everyone has said. Buying a house is an investment. ESPECIALLY in todays market. here in ND, sadly it's a sellers market... so prices are high, like big city prices. and my city has 30k people... lol
with that said, 250k now will net positive returns in a few years.
Quote:
Originally Posted by ZCarMan
In this economic downturn we are in, only in a very few places such as D.C. do you see some homes actually appreciating and that is mostly in the city itself. With all the foreclosures on the market and those set to go into foreclosure, combined with the fact banks are not lending to anyone but to those with the best credit, for many it may not be a good time to purchase a home. If I were going to purchase anything in real estate it would be a duplex or condo to rent out. More and more are forced to rent today which for a lot of folks isn't a bad thing. My rule of thumb, "If it isn't bringing cash flow in, it's sending cash out". Couple of books worth looking at, "Rich Dad, Poor Dad" and "The Millionaire Next Door".
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this is mostly true, however, home values and land values are still going up, it just happens that in a lot of areas people aren't buying because they can't get the loans.. so people are selling cheaper then what their homes are "worth" which is an awesome thing IF you are a buyer