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Wade Said:better? Rent to own or land contract....?
We Answered:Your question is quite long and describes quite a few things:
You are not working as a nanny at present, you may have some other unverifiable income.
Somebody named Fl makes good money.
You have been able to pay over $40,000 debt in 2000-2001
You have been able to pay Fl's mother's bills.
Your credit rating is low, and mortgage companies have turned you down for a mortgage.
You are currently renting a house. Your landlord has offered to sell his house to you on a land contract (which means he has a mortgage which needs to be paid.)
The first thing you should do is contact your neighborhood housing authority. Sign up and take a first time homebuyer's course. After the course, there is a good chance you will qualify for your own mortgage.
List on a piece of paper, the benefits of buying the landlord's house. Compare that to a list of benefits you have right now by renting. Consider whether you are ready to pay the taxes, insurance, maintentance, and additional costs associated with owning the house. Remember, if you "buy" on a land contract, you won't have the deed or title to the property through this process.
You have not said if the selling price the landlord has offered for his house is reasonable. So find that out. You don't want to be paying extra money each month so that eventually you can qualify for your own mortgage on an overpriced house. You want the benefit of an appreciated property value and equity as you make payments year after year.
What is special about the place you are living now. Will you still want to be there several years from now?
Look realistically at your bank account. Why is it at it's present level? How much could you save in the next three years if you continued to rent. How high could you get your bank account savings by putting more money away each month? You have plans to finish your BA. How does owning instead of renting help your plans for school?
Right now, it seems it is best for you to rent and save your money. Take the homebuyer's classes. Increase the savings you have in the bank. (Cash talks! and mortgage companies listen.) Finish your BA. Get your finances in order, and re-examine purchasing a home in 2007, six months from now.
The benefits you will get by paying extra money every month to your landlord for a land contract are minimal. Take that extra money and increase your bank account. Keep all your options for buying a home open. You don't need to commit to buying this house now, at the present time. You asked which is better: Right now, renting is better. I have a feeling you knew that already.
Francisco Said:If you were prime minister or president (and could do whatever you wanted) what reforms would you bring in?
We Answered:Sounds like UK and US have similar problems. Did we bring this on ourselves with too much liberal government and loose immigration laws.
Norman Said:Mortgage + Student Loan: Which one to pay first?
We Answered:If you have a fixed rate mortgage and it's fairly new, you pay about 70% in interest on the first 15 years. I would suggest that you get an amortization from your mortgage co that will give a break down between interest/principle. Then you can decide what to pay monthly on the 2 accounts.
Monica Said:Is $11,000 too much to pay for dorm rooms?
We Answered:way way way too much. You can get your own appartment for that ammount, with far less rules and a lot more space! Dorm living is overrated, because the college experience is far more comfortable outside of dorms plus you don't have the added annoyance of tight quarters, likely exposure to menengitis and the restrictive use of hotplates/microwaves/toasters, etc...
I personally always enjoyed the simple living during college that to me reminded me of something from a kerouac book, and to me I thought living in a tight spot in an urban area while going to school would be my only chance to feel the essence of the era... Now, I am in a 3 bedroom house with a formal livingroom and dining room, breakfast nook and all that jazz, and I feel like I have too much! I would love to go back to simple living again...
Live on your own, get room mates if you need to cut costs and stay close to the area you'll be in. I know from my trips to chicago they have a wonderful mass transit system, so you would be fine even living somewhat of a ways away from school and taking the trains to school if you needed to. Enjoy the experience because after college you'll be spending plenty of time in the suburbs and you'll miss the excitement of urban living.
Chad Said:Now that David Cameron is Prime Minister, what effect will it have on Britain?
We Answered:We will all be..... •:*:•10.•:*¨¨*:•.Star.•:*¨¨*:•.Buyers and sellers.•:* It could be a brave new world for many of us, a world of optimism, where people that work hard might actually be rewarded for doing so. I'm looking forward to the challenge, bring it on, because under Brown, it seems the harder I workj, the less money I make.
Woe to all those that think that it's alright to sit around on their HUGE behinds all day and never go to work though.
Brenda Said:What precentage of our income should be allocated toward my housing costs?
We Answered:You're doing great. Except for the car!
If you want to achieve financial security without working three jobs, limiting housing costs to 25% of your income is a good rule of thumb. But paying 4/5's as much for transportation as you do for housing is nuts! Don't you think? I'm 'guesstimating' that means you have a $400/month car payment. Sell the car, pay off the loan, and buy a $1000 car with cash. Then your income will effectively go up by 19%!
Try to increase your savings to 15% of earnings, especially with a baby on the way...
Sylvia Said:Should the British people allow Gordon Brown's Fire Sale Of Public Assets?
We Answered:How can we force a General Election? A vote of no confidence?
The economy and the country's administration is going down the pan fast. In an election I think the Government will get absolutely destroyed. But after that?
I know what you mean about Royal Mail. I have always found them useful and helpful so I have a lot of sympathy for them. I have never felt comfortable with the idea they should face competition. Studying Economics years ago, I always recalled we decided there were certain national assets that should never be privatised. Examples include those that rely on a national structure and are strategic: electricity, gas, water, rail and the postal service.
I think New Labour are ruined and are running scared. Through dependence on financing on the never-never and removing our reserves (because they had removed boom and bust, right) they left us ill equipped to deal with a recession. Now all they have is borrow more (what's the latest figures? £1.75 trillion?) and sell off the family silver.
Who will pay for this in the long run? Us. You can rest assured the politicians, the bureaucrats and, indeed, the bankers will not lose out. The workers at Royal Mail are just the latest, but not the last.
Incidentally, I recall somewhere the nasty spectre of the EU in this somewhere. Did they not rule that Royal Mail had to lose its profitable business post to the competition? Perhaps another area for review.
The postal workers certainly have my support. Get Labour out now and make the Conservatives fear the population.
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Essay Mama said:
Everyone has a dream to building a own house. We should save the money to filfill our dreams. Many banks are providing home loans to the people.
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