To buy or not to buy-Credit history-Mortgage...
#16
Re: To buy or not to buy-Credit history-Mortgage...
The 0.5% for renovation and 0.5% for maintenance is also only half what is usually suggested, and if you buy a new-build even spending 2%pa won't make a 2-5 year old house new again - in other words new build houses have a price premium that you give up when you sell. Personally I would generally prefer to buy a house that "needs a little work" so I can avoid losing money on a new or completely renovated home.
You effectively pay property tax whether you buy or rent. Only a landlord renting short term, before selling, would not set the rent high enough to cover property tax.
All things considered, I sincerely doubt that the break even ownership period would less than five years in anything other than a very "hot" market, which always runs the risk of overheating.
That said, there is a lot to be said for owning your own home, even over 2-3 years, but just be sure to go into the deal knowing that you could easily lose 5% per annum if you only own for 2-3 years, and potentially even more if the price of houses starts to fall. Under those circumstances you could find yourself becoming an involuntary landlord because you are unable to to sell at any acceptable price!
Last edited by Pulaski; Jun 8th 2017 at 12:45 pm.
#17
Re: To buy or not to buy-Credit history-Mortgage...
The New York times buy vs rent calculator is one I see recommended a lot.
Is It Better to Buy or Rent? - Interactive Graphic - NYTimes.com
It is possible to get a mortgage whilst on a temporary working visa like the L!. The plus points going for you are that usually you are a high income earner. Wells Fargo will check out your UK payment and financial details in lieu of US credit history. They can't access your UK credit history through any of the credit bureaus like equifax so the take all your bank statements, your tax information and previous mortgage payment information. It is amazing how much information a trained eye can get out of a bank statement!
I wouldn't buy on an L1 though. We started the process on an L1 but green cards had been applied for and we didn't sign anything until those cards were in our grubby little paws.
Is It Better to Buy or Rent? - Interactive Graphic - NYTimes.com
It is possible to get a mortgage whilst on a temporary working visa like the L!. The plus points going for you are that usually you are a high income earner. Wells Fargo will check out your UK payment and financial details in lieu of US credit history. They can't access your UK credit history through any of the credit bureaus like equifax so the take all your bank statements, your tax information and previous mortgage payment information. It is amazing how much information a trained eye can get out of a bank statement!
I wouldn't buy on an L1 though. We started the process on an L1 but green cards had been applied for and we didn't sign anything until those cards were in our grubby little paws.
#18
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Joined: Jun 2017
Posts: 12
Re: To buy or not to buy-Credit history-Mortgage...
Fair point. I honestly can't predict future hence contemplating here..
It would take a decade easily until my status becomes clear
Still inclined to take the risk.. this area(CO) is growing with lots of people from east coast and west coast coming here to settle down.
It would take a decade easily until my status becomes clear
Still inclined to take the risk.. this area(CO) is growing with lots of people from east coast and west coast coming here to settle down.
#19
Re: To buy or not to buy-Credit history-Mortgage...
Fair point. I honestly can't predict future hence contemplating here..
It would take a decade easily until my status becomes clear
Still inclined to take the risk.. this area(CO) is growing with lots of people from east coast and west coast coming here to settle down.
It would take a decade easily until my status becomes clear
Still inclined to take the risk.. this area(CO) is growing with lots of people from east coast and west coast coming here to settle down.
#21
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Joined: Jun 2017
Posts: 12
Re: To buy or not to buy-Credit history-Mortgage...
Let me see if anyone does lend and will update here with the outcome.
#22
Re: To buy or not to buy-Credit history-Mortgage...
It also brings in the possibility of needing two mortgages - 80% and 15%. That second mortgage, if needed, can be really expensive.