Kimber7man
WKR
Basic facts and tips worth what you paid for:
1)You either pay rent or pay a mortgage
2)You will never own by paying rent
3)Mortgage interest and property taxes are deductible, figure out what savings will be
4)Know your market and don't buy at top
5)Buy what you can afford
6)Brand new houses are generally more than used
7)Buying a house is usually a long term investment
8) Look at the interest you will pay for the loan
9) Of course don't get balloon payments, get fixed rate.
10) Somtimes, for periods of time, it's better to rent.
11) While saving money for a house, pay as little rent for as crappy place you can stand.
12) Pay off you house as quick as you can
13) Don't have credit card debt
14) Only mortgage and car loans are necessary
15) Don't have any high interest loans
16) The less you pay in interest the better
17) Never say never
18) Never say always
19)Stop hunting, it's expensive!!!
One caveat to #3. Due to the tax cut act in 2017, you can only claim $10k of SALT deductions (state and local taxes). So if you pay more in state and local income tax and property tax, you don’t get the full deduction.