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Can Astrology Help Me . . .

sun-mar
Posts: 69
(@sun-mar)
Eminent Member
Joined: 3 years ago

If you are self-employed, financial qualifications to secure a loan are much tighter.  Even if your present landlord did a lease with option to purchase, at some point, you would have to secure permanent financing.  I will say this with high property taxes and the first eight to ten years of your mortgage payment going towards interest, you would have some mighty fine tax deductions.  You better find out how much that new roof would cost  --  that is not in inexpensive repair.  I agree with Elsa and someone else here who stated it may be better to wait until prices start dropping.  It is already happening around the country.........unfortunately, I think we are going to see another market crash of 2008 - 2010.  Should you decided to buy and end it using it as a rental, there could be a clause in your loan contract that interest rate could increase.  When homes are purchased as investment property. normally the loan interest rate is higher than owner occupied, and you may end up having to pay an additional point on the loan.  (BTW, I worked in this industry for a number of years)  And for the love of God, DO NOT allow any lender to talk you into taking out a loan with negative amortization.  

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