Posted: Sun Aug 03, 2008 11:52 am Post subject: My Landlord Is Robbing Me. I need a house!
I pay $1010 for rent of a one bedroom mediocre apartment in Los Angeles. I am kind of stuck here because they accept dogs. I can't help but wonder what it would be like to own my own home though. I am going to research the requirements to buy a new home. There are a couple of things I need to know first.
Should I pay off my student loan quickly in 2 years before saving a down payment for a home, or should I just pay the minimums and save money for a down payment?
Is it wise to cash out my retirement fund for a down payment and later return it?
I think I could afford $2000 to $2500 a month for a mortgage.
If you can qualify now I would take a look. The LA market is a buyers market right now. There are homes available in the 250-300k range.
Not knowing more it is impossible to know if you would qualify but thats what 2000-2500 a month will get you.
Good Luck
Brian
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Posted: Mon Aug 04, 2008 5:54 am Post subject: RE: save for down payment to buy home
Hi Noho,
Welcome to the forums.
I guess you can make the minimum payment and start saving for the down payment. I mean just make sure that you're not behind on payments for the student loan. I guess it will be better if you calculate how much to save for down payment .
I don't know why I have been paying $1000 per month to pay this student loan off. The interest rate is about 6.5% which is probably less than a mortgage right now and I am payed up until the middle of 2012, so I think I should just stop paying it for four years and save $1500/ month instead.
I just want to buy now and am afraid of losing out on this great opportunity. My credit is outstanding.
Posted: Mon Aug 04, 2008 11:50 pm Post subject: RE: stop paying student loans and buy home?
Hi Noho,
Do you really think it will be a good decision to stop paying the student loan? I mean it 's going to affect your credit isn't it? and 4 years isn't that negligible too. I mean i understand you need a home and don't want to lose this opportunity but think twice. Just make sure you'll be comfortable handling your finances later on. And if you haven't decided upon a loan program, you can check out some of the options through a no-obligation free counseling session with the community lenders here. I'm sure they'll be able to provide you with some good mortgage advice.
brian1
