, which was almost 10 times the price of my previous renters-insurance policy. Depending on the size of your down payment and your credit score, private mortgage insurance can cost between 0.2 and 2% of the mortgage.
I also had to take care of some deferred maintenance and make several repairs over the nine years. I was ripped off on multiple occasions as a single woman, despite my efforts to obtain multiple quotes and get advice from friends. I paid thousands of dollars for shoddy work, some of which had to be redone. If you're still holding out for the American dream, I suggest setting asideWhen I sold my home in 2018, the sale price was just over $100,000 more than what I owed on the mortgage.
One of the arguments for buying over renting is that rent goes up each year. The principal and interest on your mortgage indeed remain the same year over year. As your home increases in value, the chances are that your property taxes and insurance also increase. Additionally, as your home gets older, you'll have more maintenance and repairs. You may spend money on renovations throughout the years, which isn't necessarily a good return on investment.
I've also seen people wipe out the equity in their home when refinancing. If you take out equity in your home by doing cash-out refinances or use the equity in your home to consolidate debt, it's harder to build wealth through your home. Even when you refinance to lower your interest rate, you start the amortization cycle all over again and most likely extend the loan term. When you roll the closing costs into the loan, you end up with a higher mortgage balance.
thanks for this news
This is a bit misleading. There are many variables not mentioned. But overall, being a homeowner is better than being a renter, when you consider the cost of renting in certain states.
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