03-18-2003, 11:18 PM
Quote:but that's only until you have, I think, 30% equity in your house
Unless it's different from state to state, it's 20% equity to forgo the PMI. I was fortunate enough to have 20% downpayment for my house so I wouldn't have to have the extra $$ for PMI every month.
There are pros and cons to owning and renting. Homeowners get to deduct their interest every year come April 15. You can also deduct your closing costs too. I also have a Home Warrenty with my house so if anything breaks, it's covered by a small deductable. I had my electricity go off in half my house and it cost me a $35 deductable for an electrician to come out and fix everything.
Renting is nice because it's not your house. You can trash it and not have to worry about fixing anything. It just depends where you are in life and what you want.
There are a bunch of loans out there to choose from too. I heard something about 100% financing too. As long as your credit is good, you shouldn't have much of a problem.
Edited By kindred on 1048029592
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