I got tired of renting, and I looked it up, I realized I'm paying the equivalent of a $300k property for a standard 30-year mortgage in rent. And a $300k house is much nicer than my apartment.

I saw a $50k condo down the road from me. It looks not quite as good as my current apartment. Getting a mortgage for something like that is much better than renting, right?

  • discontinuuity [he/him]
    ·
    3 years ago

    If you can come up with a down payment and/or qualify for a FHA/VA/subsidized loan, it might be a good idea. Be sure to shop around for lenders (a credit union is probably best). Find out your credit score and maybe wait 6 months or a year and try to improve it if need be. Find out what other additional costs there might be like HOA fees, insurance, utilities, maintenance, etc. Do the (free) Freddie Mac first time home buyer class online, it will help you understand the process and might get you a little off your interest rate. There might be state subsidized condos in your area but they often have income requirements and/or certain caveats when buying or selling them so they might not be a good deal.

    All that said, $50k is a helluva deal (depending on where you live) and you should jump on that (if you can afford it and it suits your needs).