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should I save or apply for mortgage?

Posted on: 03rd Jul, 2006 04:35 am
I am thinking of buying a property which is difficult to afford. At this point of time, I can afford only $50,000 – that's a mobile home and that too which requires some amount of repair work. The house that I am looking forward to is around $ 2,15,000. I do not want to live in the new property for more than 4 years, but cannot decide as to if I should apply at all for a mortgage or increase my savings and then go for it?
Hi,

It makes sense if you buy the mobile home, as it is difficult for you to pay for the other property. Lenders won't agree to offer you the loan, as you don't have enough finances to make the expected monthly payments.

Thanks,
Jerry.
Posted on: 03rd Jul, 2006 04:38 am
Hi Simpson,

Welcome to our forums.

I think it will be a risk if you go for home buying now. Such a purchase can lead you into financial trouble, foreclosure or bankruptcy. Moreover, if you can somehow make the mortgage payments, you are still left with the payments on taxes and utilities. So, I think you should first save up a large amount and then try shopping for the home loan.

Thanks,

Caron.
Posted on: 03rd Jul, 2006 04:42 am
Hi Simpson,

Buying a home and then selling in 4 years is all about spending a lot of money. You may get a high price on the home when you sell it off but there is every possibility of a loss on the sale. Just give a second thought before you apply for the loan currently.

All the best
Posted on: 03rd Jul, 2006 04:50 am
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