Buying a home..

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Re: Buying a home..

i just bought a small 4x4 house on the weekend. i’m going to water it everyday for the next 1-2years.inshAllah it will grow into a BIG 200rooms mansion by then and then me te mrs will happily ever after [in it ofcourse :wink:]. :blush: :kiss: :love: :wub:

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Re: Buying a home..

Considering your location says homeless, i hope so too.

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Re: Buying a home..

donkter saab te makholiaye niklay :clown: :layd:

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Re: Buying a home..

I did but I asked another question, which I have not recieved a response to..

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Re: Buying a home..

no not because of that, It’s a long commitment and the sooner you pay off, the better you would be in END days. :halo:

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Re: Buying a home..

Foreclosure: is the process of transferring ownership of the property by auction to another purchaser in favor of the financier in fulfillment of the first purchaser's debt, simply in techincal terms to what your friend told you.

I bought my first when i was 21 and when i say bought i mean fully paid for.

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Re: Buying a home..


:-) Good for you, didn't I say BEFORE you turn 30.

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Re: Buying a home..

I heard you loud and clear, i simply stated that in hindsight to what one of the above posters was saying with regarding to credit and all and because you happened to mention it in your post, i used it as a quote.

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Re: Buying a home..

So no more shopping for me.. :naraz:

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Re: Buying a home..

I will look into buying a home after I understand how a mortgage works.

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Re: Buying a home..

truly possible. if u plan well.

save money, first.

choose the right lot at a nice location and neighborhood and build the rightly designed house.
best,

Dush

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Re: Buying a home..

I'm 22 from UK, and me&partner r looking for a home too - as a first-time buyer,all these estate agents are talking sweet but i dunno what to say: full of 'non-sense'?.... i still dont understand how 'mortgage % & interest rates work'...and 'deposits & fees & insurances 'for the whole process....family & frineds arent helping much -so i turned to GS.

HELP!

Can any1 share thier experiences when they first purchased a home with mortgage...how did u go about it?

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Re: Buying a home..

Not sure about UK, I can ask my brother he handles family properties there. I have US first hand experience, but not sure ow much of that is applicable

let me know any specific questions so I can ask him

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Re: Buying a home..

There are few things that need to be considered in US other than just credit history.

  1. A large number of people here have to sell their houses after making about 1-2 years of installments. The reason is the change in interest rates as well as changes in the agreement. There are so many hidden things in the agrreements - financial institutes take full advantage.

  2. Don't just think of the installments, think of House Insurance as well. And it depends on the area too. Other than regular house insurance, you might wanna pay extra for earthquakes in california, hurricanes in Florida etc etc.

  3. I'm not sure about other states but in California, the housing prices are projected to go a little lower next year. Here, during the last 3-4 years, the prices went way up. so now, we are expecting some stability even lower prices (in some areas).

  4. One good thing is, you will get tax break.

  5. It depends on the income as well as the area where you wanna live, but in expensive states, maybe you should start from a condominium rather than a house. For a starting couple, a 2-bedroom condo is more than enough. or even an apartment would do too. Gradually, things can go for better. In some states you can buy a huge house with the money that will only buy you a small condo in Cali.

  6. Some cities have rebate sort of programs for first time buyers such as they'll give you $25,000-$75,000. The reason is that they want people purchase their own houses rather than paying rents. so check that out too. Its a big help.

Goodluck :)

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Re: Buying a home..

Rule of thumbs (You can break 'em but you really need to know what you are doing):

  • You should look to put 25% downpayment of the total house value (anything less than that, there will be too many IF clauses and you will be paying noticably more 'cuz of higher interest rate + special fees/insurance for under 25% downpayments)

  • Your mortgage payment should NEVER be more than 60% of total take home income

  • Everything is always negotiable

  • Open (variable) rate is better than fixed rate for mortgage

  • If you are buying a place to live, then buy ASAP (because if price drops, in the long run it will increase). If you are buying as investment then you have to understand house market.

  • House is a long term investement (5-10 years AT LEAST)

  • There is no ISLAMIC banking, they are just hiding the intrest rate from you (and you end up paying more intrest). If they truly have found a intrest free way of borrowing money , who wouldn't borrow money?

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Re: Buying a home..

good coz I’m not living in a car :smilestar:

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Tell me abt it.. for a lil cardboard box size apt in Manhattan, u can get a 3-4 bedroom apt in the boroughs.. or a freakin mansion in Florida. :D

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Property value in Texas is also cheap as compare to California and New York. I just bought a house two months ago in Houston.

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to add to the good advice from cool breeze and with one minor correction.

  1. interest rates- if u can get a good 15 or 30 yr fixed, go for that ppl who are in trouble are ppl who go for the Adjustable rates, when they adjust up as they ahve been ppl cant afford the payments, also be careful with interest only mortgages, in a booming market they can be good, in a slowing market u can be in big trouble.

  2. insurance is one cost but taxes are another, real estate taxes can kill ya, so look for the real estate tax rate in the area you are buying.

  3. do not buy the most expensive house in the neighbourhood :slight_smile:

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^^
Thanks for providing the details on point # 1 and correcting it too.

LOL at number 3