I have several questions: Are these major differences with your mom's husband? Are they something that you can ignore or work around without being upset and angry? Are you able to afford to live on your own? How secure is your current job? Do you have at least 3 to 4 months of savings set aside in case of an emergency? What is your monthly mortgage payment going to be and what percentage of your monthly income is it going to be? Be careful of what mortgage brokers tell you. They are supposed to be looking out for your but remember that they are in business to make a living.
I would be very surprised if you can find a house in Portland for only $125,000. You need 20% down to avoid PMI (private mortgage insurance). Home ownership is nice, but if anything goes wrong, you have to pay for it. House prices are going up, but you may not be ready to buy, and rent is sort of a waste (unless your mother's home is intolerable).
The best option would be if you could live peaceably with your mother's bf.
Buying a property is probably the biggest financial decision you’ll ever have to make. How do you know whether it’s the right decision for you right now – or whether you’d be better off renting instead?
Owning your own home is a huge commitment, not just to the building you buy and the area you choose to live in, but also to your life (and to another person if you are buying with a loved one or friend).
You’re not necessarily going to be better off financially buying rather than renting your home.
If the value of your property falls, you may find yourself unable to sell because you owe more to your mortgage lender than your home is worth.
On the other hand, if house prices rise, you could make a nice profit that could help fund a move to a bigger home or give you a lump sum if you choose to downsize later on in life.
In the end I suggest you to buy your own home instead of rented. I recommend you http://www.bigdeals.in for consulting about to buy your new home. Visit bigdeals and consult with our real estate experts which is the better option Rent or Buy?
Rent is a waste of money. Yes, renting would provide you the opportunity to live where you want, but it will not provide you a faster route to home ownership. Stay put and save. And in the mean time be proactive and talk to your bank about exactly what you will need to get approved for a loan next Spring.
Renting is best right now, as the Dow is about to crash and when it does, it's predicted that home values will drop about 35%.
Currently I am stuck in a rock and a hard spot. I work in Portland, OR but my mom and her husband have graciously let me stay with them to save for a house. They live about an hour from my work. I make a decent income being a medical assistant and my dream is to own my own home. But there are various amounts of hard times and opinions that I share with my moms husband. I'm aiming to purchase a house by next May but am wondering, is it worth it to purchase a house now, or should I just do my own thing and rent.
I've gone to a broker who stated I could afford 125k on a house. I'm not looking for a mansion but what are you people's opinions?
