Any questions related to Home Ownership. There is a related specific tag for Mortgages. It is recommend you include a country, state tag, or location in your question.

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30
votes
5answers
4k views

What are the economic benefits of owning a home in the United States?

I am trying to figure out if owning a home is more economical then renting. According to all the tools, according to the rent I pay now (< $800) owning a home is not economical, even in the long ...
19
votes
5answers
6k views

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay ...
15
votes
5answers
428 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
14
votes
2answers
636 views

Seller refuses to accept offer on home until after inspection

I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
13
votes
6answers
4k views

Is it okay to put household utilities in girlfriend's name if I own the home?

I just bought a house. My girlfriend is going to be living with me, but the house is in only my name. To split the expenses, we are planning on her paying all of the utilities. Is there any problem ...
13
votes
4answers
2k views

Buying a house, Bank or rent to own?

We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
13
votes
4answers
426 views

Owner-Financed home sale or Land Contract — how to handle the transaction and the ongoing entity?

My sister and I inherited a property in a rural, backwater area rather inconveniently located to where we live. We've got zero interest in keeping it. To wit, we put it on sale and now are recieving a ...
12
votes
10answers
2k views

Recent college grad. Down payment on a house or car?

So here's the situation I'm facing. I've recently graduated college but have been working for a while now. I've managed to save up around $10,000 aside for my "money to live" stash. And like most ...
12
votes
10answers
899 views

Why do some people say a house “not an investment”?

I have heard a few people say that "a house is not an investment" as an argument to stay in an apartment. (To me, this seems like a stupid reason, but that is not my question.) Of course, this is ...
12
votes
5answers
990 views

Previous owner of my home wants to buy it back but the property's value is less than my loan… what to do?

I've owned my home for close to 5 years and it's value is currently around $100k below my loan amount (according to zillow). I hate living here, and I've wanted to sell it for a long time. Today, ...
12
votes
4answers
269 views

What is title insurance, and should I get title insurance for my home?

I have just sold my house and bought a new one. The lawyer I am working with to do all the necessary paperwork has sent me something about "Title Insurance". I am not quite sure exactly what this ...
11
votes
8answers
42k views

In a house with shared ownership, if one person moves out and the other assumes mortgage, how do we determine who owns what share in the end?

Let us assume a shared ownership house, where everything is 50/50 in terms of deposit, monthly payments, bills, and eventually estate agent costs, and lawyer costs when the house is sold. If the ...
11
votes
1answer
2k views

What is the difference between Freddie Mac, Fannie Mae and Ginnie Mae?

What is the difference between the various US housing agencies referred to as Freddie Mac, Fannie Mae, and Ginnie Mae? How were each of them affected by the sub-prime mortgage crisis (or, maybe the ...
11
votes
2answers
320 views

What are the most important things to ask a real estate agent before hiring them?

I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but ...
10
votes
5answers
985 views

Purchasing an extremely affordable home with 10% down VS renting and saving for 20%

Background: Current Rent: 710/mo or roughly 20% of my 3700 salary take-home pay. Wife is currently in school and will graduate in two years, at which point she will likely be making a teacher's ...
10
votes
1answer
2k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
10
votes
4answers
270 views

Homeowners: How can you protect yourself from a financial worst-case scenario?

Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage. Suddenly, something goes wrong with your job, and your made redundant ...
10
votes
1answer
2k views

Is it better to buy a house at the end or beginning of a year?

Right now I'm looking for a house, and might be closing in the next few months. One thing that I want to consider is when the closing date should be. We are flexible with the date by a bit, and the ...
10
votes
2answers
325 views

Short-sell, or try to rent out?

I'm currently considering taking a job in another state, and I currently own a home that's up-side down in it's mortgage. I'm trying to figure out what I would do with my home in the event that I ...
9
votes
4answers
2k views

Is there a general rule for how much of my non-retirement savings should be spent on down payment?

I know I should X months of cash for emergencies (I've seen X range from 6 to 24, depending on who's giving the advice). But in addition to that, is there any generally accepted rule for how much of ...
9
votes
4answers
217 views

Can I use Case Shiller values to find an optimal time to buy in a recovering housing market?

I live in the NW US. I've been considering buying a house for some time now. But the market value of a house has been on a downward trend for years. I thought that around October last year the market ...
9
votes
1answer
274 views

Should I take out a loan vs pay off with mother's help?

I'm considering buying a house for 200k. When buying place ($200k), I will be paying 120k as down-payment, and financing the rest. I am thinking of my mother pay an additional 80k (to buy the place ...
9
votes
1answer
138 views

Is it legally safer to purchase a short sale instead of a foreclosure?

I'm considering purchasing a home, and given todays market I've been viewing a lot of foreclosures and short sales. That being said, I have a question on short sale VS foreclosure in terms of legal ...
8
votes
3answers
1k views

Joint property ownership: 2 homeowners, but only 1 lives in the home. How to fairly split mortgage payments?

If 2 people decide to invest in a house, but only 1 of them wants to live in the house, should the interest only monthly mortgage payments be: split 50/50, the person living there pays 100% the ...
8
votes
1answer
10k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
7
votes
3answers
1k views

If you buy a new home before selling the old one, what could happen from not paying the old mortgage?

I'm researching the process of selling a home and buying a new one. Several articles warn against buying the new home before the old one is sold because you may end up having to pay two mortgages. I'm ...
7
votes
3answers
210 views

What are the usual terms of a “rent with an option to buy” situation?

What are the usual terms of a "rent with an option to buy" situation? Is the selling price negotiated ahead of time? What does the renter potentially sacrifice except losing the equity of the rent? ...
7
votes
4answers
403 views

Looking to buy a house in 1-2 years. Does starting a Roth IRA now make sense?

My wife & I are 28 years old and are looking to purchase our first home in the next 1-3 years. Our financial situation looks something like this: 24% combined gross annual income in low ...
7
votes
2answers
137 views

How to take a home inventory?

An answer to the question Spring cleaning for your finances? Is there any activity that should be done annually, with respect to your money? mentioned home inventory: The Inventory is also very ...
7
votes
1answer
299 views

Can't sell my house because of HOA delinquency rate

Just found out a few days before settlement on the sale of my house that most lenders will not lend funds to a buyer if the property they are purchasing is part of an HOA community where more than 15% ...
7
votes
3answers
331 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
7
votes
3answers
2k views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
6
votes
4answers
402 views

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?
6
votes
2answers
756 views

Can my mortgage company force me to buy condo hazard insurance?

I live in the United States and have a mortgage for my condominium. After 10 years under my current policy, I suddenly received a letter from the lender, saying "A review of our records indicates we ...
6
votes
4answers
703 views

Am I really house poor?

This is my financial situation and I hope that someone can guide me. I have been in the market for a house to buy. There is a house that I like and I wanted to know if I could afford it. I have ...
6
votes
4answers
2k views

Will we have trouble getting a mortgage for our second home if we keep our first to rent out?

My wife and I are currently saving for a home. We currently own a small condo, which we would like to keep as a rental unit once we purchase the second home. Currently our home costs are under 12% ...
6
votes
3answers
414 views

Walking away from a mortgage & home - financial options

I currently have a home that is 100% Loan to Value. It has lost a significant amount of the value i paid for it -- hence now a 100% LtV guesstimate. I am able to comfortably make my payments as it ...
6
votes
4answers
3k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...
6
votes
1answer
147 views

How do I enter a house sale into my accounting package?

We sold our house and purchased a new one. The money from the sale went into our lawyer's trust account, and then was passed onto the vendor that sold us the new house. In my accounting package, I ...
5
votes
8answers
860 views

What part of buying a house would make my net worth go down?

I've thinking about buying a house, and how that would affect my net worth. It seems to me that if out of pocket + debt = value then the transaction shouldn't affect my net worth in the short term. ...
5
votes
5answers
444 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
5
votes
5answers
451 views

How do I calculate ownership percentage for shared home ownership?

I am having trouble coming up with the ownership percentage I should allocate to each co-borrower. Here are the details: My husband and I are one co-borrower and my sister is the other. We are ...
5
votes
4answers
308 views

Sudden Wealth Management

My father passed away last week. I am not yet sure how much his life insurance is, it will be anywhere between 100k and 250k, which I know is a big range. Either way, I am having a bit of anxiety as ...
5
votes
4answers
2k views

Should I wait to save up 20% downpayment on a 500k condo?

Proper 2BRs start at $500k in our neighborhood. We're looking at buying, but I'm leery of the $100k downpayment. It would reduce our savings to 50k liquid and 75k in retirement. I can easily ...
5
votes
1answer
311 views

Can I bring a real estate agent with me after my first visit to a new home?

I am looking to buy a house, and I am a first-time buyer. I am reading a book on home buying, and it says the following with regard to new homes: "You might have to deal with the developer's ...
5
votes
2answers
338 views

How to tell if HOA for a prospective condo purchase is financially healthy?

I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA). As I'm learning the ins ...
5
votes
2answers
7k views

Can you sell your house for less than you owe and still make payments on the remainder?

I want to sell my house, but it seems that in order to do so I may need to lower the price to less than what I owe. Is it possible to make an upside down sale like this and still make payments on the ...
4
votes
3answers
583 views

Should I take money out of an old 401(k) to put a down payment on a house?

My wife doesn't work anymore and she has a 401(k) of about $80,000 from an old job. I have been kicking around the idea of taking that money out or rolling into an IRA so that I can have better ...
4
votes
2answers
271 views

What is mortgage insurance? Do you have to have it, in order to be approved by a bank?

What does mortgage insurance do? Whom does it protect? Do I need it? MUST I have it, in order to be approved by a bank for a mortgage with them?
4
votes
1answer
134 views

Does a land with an existing foundation (poured-in) qualify for a conventional home mortgage?

Based on my research, loans for land and construction lots are usually at a much higher rate than those for the purchase of a home. However, if a home does have an existing foundation poured in, will ...