Sunday, September 26, 2010

Buying a home.

My friend whose really good at saving money was just talking to me yesterday about how he only intends to rent his apartment for one more year. He plans on signing just a one year lease, and call it quits to renting, and moving towards buying his own house. He's only 22.

I wonder if the market will begin to pan out, I know he's not one for taking a crappy deal, but how much of a choice does he have? An average 15 year loan will be around 3.5 percent, I'm not sure how good of a deal that is, I'm not really good with money.

It makes me wonder how many people out there are just plain being screwed over, in a 30 year or even more long term mortage deal. Lending Tree and Quickenloans have to be making their money somehow, and it might just be at the expense of the hope to be home owner.

1 comment:

  1. Interesting to hear about your life. And ma me think of myself buying a house and how to do it.