The Detroit News. With spring coming, many renters will be looking for a house to buy, expecting to get not only a good place to live but a lot of financial benefits as well. That's true, but not the whole story. All this is not to say that buying a house is a bad idea.
Many people get psychic satisfaction from owning.
You can sand the floors, paint and wallpaper, put in granite counters and built-in bookshelves and build an addition to a house you own. Your mortgage payment will remain the same unless you have an adjustable loan or refinance to get cash out of the house. The mortgage, offered through the company's Full Spectrum unit for financially challenged home buyers, combines an 80 percent first mortgage and a 20 percent second mortgage. You still have to pay closing costs. There is a catch.