I was working with a client of mine and decided I should share this with all the renters out there. You can buy a 3 bedroom, 2 bathroom condo for what many people are spending to rent a 2 bedroom. Here is the breakdown...
Sales Price: $180,000
FHA down payment of 3.5% -$ 6,300
Loan amount $173,700
Monthly payments would look like this based on above and a 4.5% interest rate.
$881.00 estimated pricipal and interest
$188.00 estimated property taxes
$ 50.00 estimated insurance
$295.00 estimated HOA Fee
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$1414.00 total monthly payment! Take a look at what can be yours. http://www.postlets.com/res/4714764
If you are paying close to this and especially if you are paying more than this, we need to talk. Why are you paying someone elses mortgage when you should be paying your own. Not to mention there are good tax advantages and other perks to owning your own home. Let me know if you are tired of renting and ready to own or if you would like to pick up another investment.
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