I'm currently in college and wanting advice on my final project?

Question

My final project will be 1,750 - 2,450 word paper on whether I decide to purchase a house.

I just have to add the principles of economics from my material which is easy but I live in an apartment and have never even looked at buying a home since I am not ready. 

**********Assume for this project that purchasing a new home is a major decision requiring a substantial financial outlay where the wrong decision has long-term financial consequences.

My main question is what should I consider when buying a home with loans, mortgage, and what anything financial. I will do all the research online but anything that could be helpful would be amazing. This will also help me learn what to do and what steps to take when I do purchase a home. Thank you for your time and real answers please. I want this assignment to be perfect.

bostonterriersamericangentleman · Accepted Answer

When looking at loans you must look at the interest rates offered. Your credit score will have a lot to do with the rate you will qualify for. You also need to what type of loan. 30 year fixed, 15 year fixed, balloon payment etc,. Personally I would only go with 	fixed 30 year rate. This means your rate will never change. You have to take into consideration the taxes for that home. School and property tax. Also,insurance on the house as these things can add up to a large payment. When buying a,home you look at the area it,is in.  A home should be considered the largest investment you will ever make. Look into fixer uppers vs. move in condition. Which is the better deal to make you the most money. There are so many things but maybe this can get you started.

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I'm currently in college and wanting advice on my final project?

1 Answer