Evil Moderatrix

Join Date: Apr 2002
Location: Think corn and pigs. Lots and lots of corn and pigs.
Posts: 8,030
Location: Think corn and pigs. Lots and lots of corn and pigs.
Sportbike: A Big Blue One, a threesome of Sexy Red Ones - and a Happy Yellow One!
Years Riding: Quarter century.
How you found us: I was looking for Jimmy Choo's in my shoe closet.
Mortgage interest is deductable, as are certain expenses related to maintaining and improving a home (or condo). Interest earned in a savings account or CD or whatever is taxable. (I can't wait to meet my new tax guy!)
Yeah, it costs more to own but the tax breaks will help (especially for the first few years where the majority of your monthly payment is toward interest) - and if you buy right, you should have little difficulty walking away with a profit (or at least being made whole). When shopping for a property, make sure you know the actual purchase prices of comparable properties in the area (get as much historical data as you can - your realtor can do the legwork for you, all that stuff is public record) - I think Crook County has it online now. Personally, condos in Chicago are too scary for me... but if you take your time, do good research and don't get emotionally involved in the purchase you should be able to make a good purchase.
100% financing is not a horrible thing per se. If the appraisal on the property comes back significantly higher than the purchase price AND the sale price data on the comps support the appraisal, you're pretty safe. There are so many different products available, just make sure you are dealing with a reputable financing source and make sure you ask questions until you totally understand what you're getting.
Kim
CCS AM #815 - the cute, fuzzy, yellow, spoiled-rotten half of Team Duc Tape!
I break stuff
Duck, duck, duck, GUZ!
Last edited by KBOlsen; 11-29-2006 at 09:08 AM.