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FIND YOUR DREAM HOME OR APARTMENT
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It is amazing that so many people lack financial sense. Rent or mortgage should not be more than 25% of your net pay (to the financially illiterate--that is the same as take home pay). I find it very difficult to comprehend when I hear people saying that their mortgage is $2,000 per month. We always saved for the homes we bought, never had a mortgage more than $465 per month and never had any trouble selling our homes--including a sale of a primary residence last year.
Use common sense!
Areas of the country are reporting recovery - I hope so but, I believe this is fleeting and a False Bottom.
If people can keep their jobs then, buying a home at this time may be OK ?
If we have hyper-inflation combined with huge job losses - it's a terrible time to buy !
My advice (Real Estate Broker of 35 Years) is buy a home based upon one income only if there are two incomes in the family.
People want to blame the government for losing their homes and i have to agree i was angry when the laws were changed to allow everyone to own a home no matter your income or how long you had a job or what..but i dont blame the government..I BLAME the millions of idiots who were so wanting to own there own home so badly not even caring how much that house cost or if they could actually aford it or not or what a balloon payment really meant..or bothered to read the fine print.....and after buying that huge house that they couldnt afford, went out and bought all the nice things it takes to furnish such house with all those credit cards and then of course had to have a two nice cars to keep up with the neighbors..and then get a second job to keep up with all the bills.. People wantto blame the government for everything...and i agree it its the governments fault for taking off all the safe guards and making home ownership much easier to finance...But people have to take some personal responsibility...all it takes is one job loss and all hell breaks lose..as we have found out the hard way..I told my wife thisday was coming.AND im usually right...luckily for me..i bought a modest home and paid it off with an old fahioned 30 year fixed loan..and i wouldnt of done it any other way..i would of rather rented than done a stupid balloon note.....you have to be an utter moron to do anote like that......and you have to be an utter moron to blame the government for it too because the government didnt twist your arm to sign that note on thathouse in the first place... i know that sounds cold..but that just the hard truth..and plus this foreclosure disaster has almost distroyed our economy and is the number one reason why we had the bail outsin the first place not to mention all the job lossess..SO THATS MY OPINION ON THE SUBJECT..