The total monthly cost of ownership must be a maximum of 5% larger than the cost of renting a near equivalent place. Regardless of what financing and down payment is actually used, the monthly cost of ownership should be calculated separately assuming a ZERO DOWN loan, with a 30 year fixed MARKET interest rate (NOT TEASER). Include principal and interest payments, real estate taxes, insurance, association dues, and special charges (i.e. flood insurance) in the monthly cost of ownership.
Friday, February 13, 2009
Requirements For Buying A House - Don’t Lose Money
Geldpress has a list when considering buying versus renting.Here's one of the conditions:
