Word: payments
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...while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are turning. Choe's most recent rental cost him $1,500 a month. His new mortgage payment, for a same-size house, is $1,570 (after a 20% down payment). "Not a bad deal," he says - especially considering that once Choe takes into account the money he saves on taxes by deducting his mortgage interest, his new payment is actually a couple of hundred bucks a month...
...money spent on homeowner's insurance to the yearly home-price appreciation. If prices stay flat instead of going up 2% a year, it'll take nine years for buying to pay off. One thing not taken into account - which should be - is how you might invest your down payment if not in a house and what return you'd see. (See 10 financial moves to make...
...several new Chevrolet models and the 2010 Buick Enclave and LaCrosse - the numbers might work if you drive fewer than 15,000 miles a year, want to keep a warrantied vehicle for only a few years and don't have lots of cash (say, 20%) for a decent down payment. One example: a Nissan Sentra priced at $20,000 will cost a buyer who puts nothing down about $420 a month with a 60-month loan. Leasing? About $210 a month over 39 months...
Some dealers thought credit [worthiness] could be an issue, but customers cashing in on the program seemed to have no trouble finding financing. What happened? For one thing, the CFC incentive was used as all or part of the consumers' down payment, automatically increasing loan-approval rates - the bigger the down payment, the higher the approval rates for car loans, everything else being equal. The $4,500 incentive sometimes was doubled by manufacturer incentives. Even if you have less-than-perfect credit, if you put $9,000 down on a $25,000 vehicle, you have a good chance of getting...
...culprit, of course, is the economy. A person who has lost a job is going to have a tougher time making the mortgage payment. On top of that, a lot of the moratoriums on foreclosures that lenders put into place while the Obama Administration figured out its loan-rewrite program no longer exist. The foreclosure movie was on pause for a while, but that's no longer the case...