I want to have a house of my own
May 30, 2009 8:44pm CST
I've went out work for 6 years and I've determined to settle down in the new city. I got married last year. Rencenly my mother ask me have a baby but I don't have a house of my own. I have to buy a new house but I haven't enough money for it. In the economic crisis situation, I got very worried. Dear mylotters, what's your opinion?
2 people like this
1 Jun 09
I understand what you mean. At the moment things are a bit difficult I know how you must feel. I agree with those who told you go to the banks and see what they offer. Dont go only to a bank or 2, try to visit as many of them as possible in order to see if someone offers a better deal. Regarding the baby, think about it properly. You should have a baby when you are able to have it and not when someone tells you to have it. You must feel ready to have it. I dont know your situation but I think you should take your time and settle down before deciding to have the baby especially if you would like to have your own house first. Goodluck from the heart!
• Puerto Rico
31 May 09
For first time home buyers you might have a chance but with the economy the way it is and the banks putting strick rules on applying for a loan I'm not sure. They say its a good time to buy a house because rates are low and the price of houses has dropped so you might be able to get a good deal depending on your credit history and the amount of money you have for a downpayment. Good Luck to you and your family!
31 May 09
Oh i am sympathy to you.You need a huge money to to get a house for you and your family too.I think maybe you can apply for loan to get youn own dream house.Today many bank offer a loan for buy house.Maybe you can get one.Wish you good luck and have a nice day.
1 Jun 09
Hi Lcainiao, I am so much like you, i want to have a house of my own so badly! I am not yet married, and i've been working for 3 years. But as you mentioned, the ecomonic is unstable these days, you might get in trouble if you can not continue support your house expense. I want to have a house and have a car of my own.
1 Jun 09
The first question you should answer is, how much your income per month. After you calculate that, this is the second question for you. Is your 1/3 of total income is free to save? If the answer is yes, I think you're in the right track to obtain a house. Save your 1/3 monthly income until you get total of saving approximately 25% of total new house price. After it is completed, ask your trusted bank to make a housing loan. For making it easy, here is the example. You want a new house which price from developer is $ 20,000. 25% of its price is $ 5,000. If you ask housing credit from a bank which period is 15 years, you must at least have $ 660 monthly income. If your income less than that, your credit proposal probably rejected by a bank. Here is another example of lower house price. The house price is $ 125,000. 25% of its price is $ 3,125. Your minimum monthly income must be at least $ 300. So, your first step is saving at least $ 300 every month until you've reach $ 3,125. Or if you already have that amount of money you could skip to the next step. Having a credit or loan from bank. As I said before, in this case, bank would accept your loan proposal only if your monthly income is $ 300. After your proposal accepted you only one step ahead to reach your goal. Last step is about birocracy fee, notary fee, and land certificate fee. Total if those fee is about 5 to 7% of your total loan. After all of those step finished, congratulations you own your new house. But remember you must pay your loan $ 100 every month until 15 years.