life at a school full of nappy-headed bitches ...so says don imus
disclaimer: this post has nothing to do with the statement made by don imus about the lady rutgers baskett ball team, it just happens to be the latest subject of controversy to grab you by the balls or nappy hair and make you read
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1. try to put down 20% of the cost of the house when purchasing it. if that is not possible than try to get an 80-20 mortgage instead of an fha loan, i'll explain. with an fha loan you have to pay pmi (personal mortgage interest) because you have no equity in the home, the bank wants to insure they don't loose money, so like a loan shark they rape you with pmi. depending on the price of the home it can increase your payments by 200+ a month. also, if you get the 80-20 make sure the 20% doesn't have to be payed back in 5 to 10 years, because even though you pay on it, it may not be payed off completely and will increase your payments in a 5 years.
2. taxes in the area of purchase. people don't realize it but taxes are a big part of your monthly payment and most banks include it in the mortgage. you don't want a place with super cheep taxes because it usually means it's a poor area (unless your in delaware), however super high taxes really can fuck you. for instance 6,000 a year in taxes works out to be 500 a month that's a huge chunk of change.
3. finding the right agent, someone who is not looking to sell you a home, rather walk you through the decision of purchasing one. i know someone but i only think she is licenced in nj. she doesn't force anything on you. and she has knowledge of the structure (like is something falling apart or why you shouldn't buy the home)
4. look at homes when it is raining (especially pouring out). this gives you an idea of how "water tight" the basement is, if the sump pump is working. this is super important because a problem in the basement can be costly as well as fuck up the foundation of the home which in turn makes the house hard to sell and well as deteriate quickly.
hope this helps you!
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