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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31
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5answers
5k 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 ...
23
votes
5answers
9k views

Owning house for 3 years. 15 or 30 year mortgage?

I'm about to move to a new area and will be living there for 3-4 years and then moving to another area (I'm in the military and move every 3-4 years) and I'm thinking that buying a house there is my ...
21
votes
5answers
9k 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 ...
18
votes
5answers
624 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, ...
17
votes
6answers
5k views

Was this a good deal on a mortgage?

I just graduated college last year, and was looking to buy a house. Clearly I wouldn't be able to buy it outright, so I was thinking of getting a mortgage. I have a steady job (~$55,000 annual before ...
14
votes
10answers
987 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 ...
14
votes
5answers
2k 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, ...
14
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 ...
14
votes
2answers
795 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
7k 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
3answers
2k views

Why is it good to borrow money to buy a house?

In most cases of purchases the general advice is to save the money and then make the purchase. Paying cash for a car is recommended over paying credit for example. For a house, getting a mortgage is ...
13
votes
4answers
504 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
3k 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
4answers
3k views

What percent of the profit do you get from selling a home with a mortgage?

This is a very simple question, but I've had a hard time finding a simple answer. Suppose Bob has a home that's worth $100k, with a mortgage, with $50k of the principal paid off (so he still owes the ...
12
votes
4answers
294 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 is....
12
votes
2answers
407 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 I'...
11
votes
3answers
7k views

In the donut hole of assistance, Should I buy a home?

I heard that there are a ton of credits and assistance for my county/state for first time home buyers, so I started to casually look at the assistance programs. Unfortunately, because I would be ...
11
votes
8answers
60k 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
3k 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 ...
10
votes
4answers
2k views

Interest rates dropped significant immediately after purchasing a home

Imagine that: One buys a home at an interest rate, for example 3.625% Several days after closing, interest rates have dropped to 3.4% The timing is rather unfortunate here. Is there any way to ...
10
votes
6answers
1k 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
3k 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
289 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
3k 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
370 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 move....
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
262 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
4answers
169 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 ...
9
votes
1answer
316 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
170 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
243 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?
8
votes
3answers
2k 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
16k 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 ...
8
votes
1answer
619 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% ...
8
votes
3answers
439 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, ...
8
votes
4answers
3k 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 ...
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
458 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 ...
7
votes
4answers
535 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
1answer
164 views

At what damage amount should I pursue a homeowner's insurance claim?

We have a recently built house (2008). This past year, a roof leak materialized. I am out of pocket $3250 for several contractor visits that tore out interior drywall, recaulked flashing and siding, ...
6
votes
4answers
675 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
5answers
542 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 ...
6
votes
2answers
4k 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
929 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
2answers
10k 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 ...
6
votes
4answers
4k 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
435 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 ...
6
votes
1answer
119 views

Is it possible to deduct mortgage interest if you aren't named on the mortgage?

In the US, if I obtain a mortgage in my name, can my wife (who contributes to the downpayment/mortgage payment) claim the interest deduction on her taxes? A lot of sources I'm finding online say '...
6
votes
1answer
174 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 ...