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wave | Anyone know lots about mortgages? |
How much is a typical monthly mortgage payment?
How easy is it to cahnge mortgages based on circumstances?
Can you let your property without informing the mortgage lenders?
Is there anything else I should know about mortgages, which are the best for first time buyers etcc?
Additional Details
(By 'letting' I mean leasing or renting your property out) Thanks for the many replies, really helpful! |
 |
 
Cat
|
1) Depends on the type of mortgage, the cost of your house, and your credit rating.
2) Not that hard - but possibly espensive - as you'll pay closing costs each time you change.
3) Yes.
4) do NOT accept an "Interest Only" loan, unless you are unusually disciplined - otherwise, you;lll end up paying a huge amount of money indefinitely, even though the monthly payments are lower than traditional mortgages. |
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SnuffySmith
 |
Your best bet is to go to a book store and buy a 10$ book on buying a home. |
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Dan
|
It is impossible to say what a typical monthly mortgage payment is, as it depends on your credit score, the principle of mortgage you originally took, the interest rate you agreed to, etc. Therefore, it is impossible to judge what a typical monthly mortgage payment is, obviously.
Refinancing is a rather simple process, and you can refinance whenever you would like to, as often as you want to. If you have a fixed rate mortgage (i.e. interest rate was 7% when you took the mortgage, so you will pay 7% until you finish the mortgage) and rates go down, you might want to consider refinancing. However, keep in mind that there is a fee for refinancing, so you should check whether you would still gain when considering the lowered rate and the cost to refinance.
If you have an adjustable mortgage (i.e. the rate you pay changes as interest rates change) refinancing is quite useless in that sense.
However, you can always refinance to switch from fixed to adjustable and adjustable to fixed. It all depends on whether it is worth it, based on the situation. Obviously, if rates keep going down, an adjustable rate mortgage is worth it, as you don't have to keep paying fees to refinance, etc. The opposite is true as well, as, with climbing interest rates, a fixed mortgage is optimal.
As for your third question: no.
I cannot really answer your last question, as it depends on where you are buying, what the cost of the property or asset is, what your credit score is, etc. As with the first question, there are way too many variables to say for sure.
I hope this helps, and wish you all the best. |
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charlie r
 |
Before we start now is a really bad time to be getting in the residential property market US UK NZ or OZ. I'm assuming you are in the UK.
FTBs(First Time Buyers) should go for a fixed term repayment mortgage at least 5 years but at current rates I would go longer. Reasons being rates are now at historical lows hence more likely to rise to average trend than fall lower, even if rates don't go up your utility bills will and maintenance and repair expenses will come just when you don't need them. Add on an interest rate increase to a Variable Rate mortgage and you are really up crappy creek. FTBs are typically offered rates unavailable to other home owners. This is to entice them in like those gifts for student bank a/cs. Financial institutions know how inert (lazy would be a better word ) people are when it comes to checking that they are still getting a good deal later on.
Secondly any insurance products earn the salesman (that would be a mortgage adviser) commission. Hence endowment mortgages are encouraged. Any mortgage that is not a simple repayment mortgage will leave you unsure as to exactly how your finances stand at any given point in the future.
How much is a mortgage 25-30% of your income in good times
30-40 when things are overpriced as today
Changes - you tell me the circumstances and what the future holds and I can tell you. The simple answer is that inducements and penalties for switching will vary depending upon interest rates and the ease of credit. Hence my recommendation to fix. If interest rates do come down you might be paying more than you might otherwise but at least you can sleep comfortably knowing that if things move the other way you won't be struggling.
Yes you can let your property without informing the mortgage lenders but you are acting illegally and if they have to foreclose and they have the added expense of tenants to evict they are entitled to sue you. If just letting the odd room whilst still remaining there yourself most lenders are quite happy. They should - it reduces their risk of you defaulting on the repayments.
Anything else to know. You are obliged to take out life insurance with an endowment policy and buildings insurance with all mortgages. This does not mean that you have to accept a policy offered by the lender. They may offer the best deal but don't bank on it. It may the vehicle that pays for the special rates available for the first 2 years. Shop around for the best all round deal (mortgage + insurance payments) and think long term not the cheapest deal over the first couple of years or you'll be fully exposed at the end of this period. Lastly if you don't have a partner or family and you haven't got an endowment mortgage life insurance is a complete waste of money.
Did I miss anything? Good luck you're a braver one than me buying at this time. |
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border
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there is not a typical monthly mortgage payment. Payments vary on the amount of money borrowed and on the amortization period. For example, it would make sense that if you were to borrow 200,000 your mortgage payment would be higher than if you were to borrow 100,000. It would also make sense that the length of time you take to pay back the mortgage would impact the payment. This time period is known as amortization period. The longer the amortization the smaller the monthly payment but the larger the amount of interest paid over the course of the entire mortgage. Generally banks will not amortize a mortgage over more than 25 or 30 years.
I have included a couple of examples for you...
100,000 amortized over 30 years at a interest rate of 6% (Just a guess at current rates - shop for best) = 599.55/ month - after 30 years you would have paid $215,838.19 for this $100,000 mortgage
same loan amortized over 15 years still at 6%= monthly payment of $843.86 and a total cost of $151,894.23 (savings of $64,000 in interest costs for shorter amortization)
a 200,000 mortgage amortized over 30 years at 6% = $1199.10/ month or 431, 676.38
I used the calculator at the following link to calculate these for you....fill in your numbers for better estimates. http://www.mortgage-calc.com/amortization/amortizationscheduleandcalculator.html
remember these calculations do not include any fees banks may have (especially if you have less than 25% down payment) or your taxes on the property. Many banks will add these two things to your monthly payments.
Although we amortize our mortgages over 15, 20, 25 or even 30 years, we negotiate the terms of the mortgage with the banks over much shorter periods of times. There are open and closed mortgages. Open mortgages tend to offer you a lot more freedombut you can be subjest to fluctuating interest costs. With these mortgages you can usually pay off the entire mortgage early, switch lenders, or make additional payments quite easily but the interest rate will not be the best the bank offers and may change often. Closed mortgages are like a contract between you and the bank. They can be anywhere from 1 - 5 years. The longer the term the lower the interest rate. During the term you are committed to making payments at that rate and generally cannot make early payments or prepay any of your loan. Should you want out of your mortgage, you may have to pay a penalty.
Sometimes you can rent out your property without letting the lender know. I recently saw a mortgage agreement that strictly prohibitted this. The lady who took out the mortgage must live in the home or the bank can demand repayment in full. In her case it was no big deal as she had full intentions of occupying the house herself. Talk to your lender if this is something you see yourself doing in the future.
hope this all made sense and helps you with your questions. |
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Mofo21
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I wish I could help you...but I have too many clients. |
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JoeSchmoe06
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The typical monthly payment will, of course, depend on the type of the mortgage, the amount of the mortgage (the principal), the interest rate, and the length over which you seek to repay the mortgage.
(FYI - the proportion of the monthly payment that is devoted to interest versus principal will shift over time: at first, you will be paying like 99% interest and 1% principal. But every time you make a payment, your principal will decline slightly. Less interest will accrue, and so the next payment will be like 98% interest and 2% principal. This shift continues through the life of your loan).
Do a web search for a "mortgage calculator" - you should be able to find sites that will permit you to adjust these variables to determine what your monthly payment would be.
It is not easy to change a mortgage. It is a binding contract between you and the bank. You may be able to re-finance the mortgage, but your options can be limited. If your circumstances decline and you cannot pay, the bank will foreclose on your house.
Whether or not you can lease the property without informing the mortgagee will depend on your contract. If you plan on leasing the property, let your mortgagee know this - they may be able to give you a lower interest rate if there is going to be a guaranteed income stream from the property with which you can make your monthly mortgage payments. (Guaranteed income stream = less risk --> lower interest rate).
Steer away from "popular" mortgages, such as the adjustable rate mortgage or interest-only mortgages. They are popular because they promise low payments up-front, but be aware that 5-10 years down the road, the payments will balloon to make up for lost time, and you may not be able to meet your repayment obligations. A traditional 30-year fixed is probably the way to go. |
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mml619
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mortgage payments are based on the amount of the loan and interest rate. like mine for instance is $235,000 at 5 1/8% and it is about $1275 a month.
changin mortgages?? not sure what you mean? you can refinance all you want.
do you mean by "let" do you mean lease your property? if it is a rental property only your homeowners needs to know. but if it is a rental property that may change the type of mortgage you can get?
as a first time homebuyer you are eligible for no fees and a low rate! |
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Antal T
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I could answer those questions online for you if your interested. I'll need a few more details (not to steal your idea or anything) and I could price out this scenario for you.
Antal
Surefast Mortgage
Follow this complete link:
http://gabbly.com/http://www.surefastmortgage.com/
Online Questions Answered for Free:
Mon-Fri 8:30-5:30 |
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W. E
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First - you do not need to purchase a home buyer book as was suggested - ok Go to these web sites, they have a First timehome buyer guide, download and print it off.
http://www.nehemiahcorp.org/
http://www.fanniemaefoundation.org/...
http://www.fha-home-loans.com/
http://www.freddiemac.com/
Now:
There is no typical monthly mortage payment - ok It greatly depends ON what YOU can afford. Based on your salary, your Debit's, job time. Lenders look at the WHOLE Picture.
You can always refinance, and change your mortgage. But you need to decided it if is to your advantage (lowering your interest rate, lowering your monthly payment). You will have closing cost added again, so you have to decide.
You can not "assume your mortgage" to someone else, but if you move, you can rent the property, unless it is a USDA Rural Home, and if that is the case, look at your paper work you got at your closing. You may want to look it over anyway, for any and all informaiton associated with your home loan.
First time home buyers - there is the FHA loan, where the loan amt is at 97 percent of the value. You can get assistance from http://www.nehemiahcorp.org/
Have the seller help with your closing cost.
If you have decent credit 580 + middle score - than you can get a 100 percent loan, and not need the down payment assistance.
ALSO -
When you Decide to buy, decide on how much you want to spend, if you want to escrow the taxes and insurance. Say the taxes are 1200 a YR and insurance 800 a year (just an estimate, ok) That is 2,000 a year divided by 12 = 166.66 If you paid 1,000 a month now - (166.66) your P/I Principle and Interest would be 833.34. Now you decided on the price range you are looking into. If you have great credit, a 1 loan at 130,000 at a rate of 7 percent over a 30 year time would be 864.89 - This is just a estimate - ok -
It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realitor, and the seller has to pay the realitor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far??
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.
Check out: home values Just add 10-15 percent to the values on this site.:
http://realestate.yahoo.com/Homevalues
Good Luck, and if I can help in any way check out my web site, for links to all the credit reporting agency's and other useful information. This is not an advertisement - just helpful information for you... |
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Go_Know_Thyself
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Your payment is based on your amortization schedule. and goes by the length of the loan, the cost of the house, the interest rate and the down payment.
It is easy depending on your credit.
Never ever get a adjustable rate mortgage if you think you'll be there more than 5 years or if you think the market will drop before you sell. You'll lose the house if you can't refinace at a lower rate before the time runs out on the loan expectations because after it comes to term, they raise the payment up past a reasonable ammount and then repossess if you can't afford like $2,000.00 + per month. |
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si
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Speak to a mortgage broker they will be able to answer all your questions and they will know what there talking about unlike most people who are answering your question. Getting a mortgage is a personal thing that will be arranged to fit your requirements there is no generic answers about mortgages as your circumstances will be different from everybody elses.
However you must get a consent to let letter from your lender to let out the property.
There are new products coming into the market daily speak to a whole of market broker.
Changing your mortgage is easy there are plenty of fee free remortgage deals out there now. |
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Get Naked
|
Hello,
Mortgagexsite.com Is a great place to get information |
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mmorganloans
|
I am a Mortgage Broker and have been in the business for 3 years. It will mainly depend on your credit score. I work with a company that has over 100 lenders.
I have had clients that wanted to buy a home and did not know what they qualified for. I ran their credit and made some calls to my lenders.
If you would like to know more please email me at mmorganloans@yahoo.com. |
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Bonquisha Lashika Jackson
 |
wat da hell a mortgageis? |
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ilburfriend
|
i don't know a thing |
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cherokee
 |
my cousin is a loan officer, im not sure if it varies from state to state but i do know it is on an individual basis, your credit ect.Contact a mortgage company, they will answer questions, and a good officer will tell you what steps you need to do to get where you want to be, |
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MSMORTGAGE
|
You need a Mortgage Consultant. There is no such thing as a typical mortgage payment. You can change your mortgage as often as you like, you should not let a property without informing the lender as it becomes a buy to let mortgage and is unregulated, if the lender finds out he will up your rate by 1%. There are lots of things you need to know about mortgages, but there would not be enough room on this page to tell you. You can e-mail me if you need help or visit my site www.marshallfinancial.co.uk- Good Luck |
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cookiesmom
 |
there is no way of saying with any degree of certainty what a typical mtg pymt is because of demographics
changing mtgs may or may not be difficult (what are the circumstances?)
no you cannot let your property without notifying the mtg company, especially if the ins is escrowed b/c you will need to carry renters ins
there are too many things to be concerned with to be able to answer on here....sorry to be so vague and ambiguous....i think the guy who suggested purchasing the book for 1st timers is most accurate....also whomever is handling the deal for you should answer any and all questions thouroughly for you...thats what you pay them for |
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Jazmin
|
Well I'm also a first time buyer, and well what I know about mortgages is that depending on how much is your loan was for, some mortgages range form 2,000-and above. If you think your mortgage is too much after a year of living in your home you can refinance your payments and make it into a lower payment every month. When you are changing something with your mortgage you would have to let your lenders know and realtors as well. But if you need more infor I suggest you speak to your lenders about anything that has to deal with mortgage. |
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Rudebox77
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I have no idea what your on about, but answering this will take me up a level. Thanks. |
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Cassiopeia
|
I wouldn't say I know lots, but I did research them a few months back. I do know there is federal grant money out there for first time home buyers. If you find a bank that participates in those, they can find you all sorts of assistance. If you qualify, there are programs to pay your down payment. The first step is to find a reputable loan officer in the community you want to live in. They will have contacts with real estate agents who are also experienced in working with first time home buyers. You can even have your down payment financed into your mortgage if you have a really good officer. If you have a good relationship with your current bank, start there. Banks are very good to people they already have relationships with. Just find out who the mortgage officer in your branch is, when they would be available to talk with you, and see if your bank works with first time home owner grants. Also, never sign a mortgage with an ARM. It is easier to qualify for, but the interest is NOT locked in. You have a certain amount of time with the interest rate you signed for and then the sky is the limit pretty much on how much interest they'll charge you. ARM loans were really pushed a few years back, but not so much anymore. Once you have your loan officer, sit down with him or her and get pre-qualified; they will ask you your annual salary, estimated amount you spend on payments monthly (car, insurance, credit cards...) and tell you before they pull your credit how much of a loan they think you can afford. Then you'll know if you're ready to proceed or not.
As for the average cost of a monthly mortgage payment, it really depends on the amount of the loan and the interest rate you qualify for.
If you are buying a property to lease it, it could slightly affect the terms of your loan, but more than likely it wouldn't. They would need to know the purpose of your loan though, so honesty is always the best policy there.
If you get a good mortgage it will more than likely be a fixed rate if it is not an ARM. You can refinance down the road when you qualify for a better interest rate, your interest may go down if you end up renewing your loan... It really depends on the terms of the loan. |
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~Azorian Chick~
|
nope |
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Jeff L
 |
1. a monthly mortgage payment is usually 40% interest and 60% principle. amount depends on what the current interest rate u got the mortgage and how many years u take it out in.
2. its not easy to change it. normally its either fix or market rate most people like to get it fix since interest rates are going up and not down. and if you want to change it most of the time you have to get a new mortgage.
3. no by law you must let your mortgage lender know because you cant sell it without them knowing because they have a lean against it and can sue you if you do so without their permission.
4. talk to any restate agent they can explain it to you. |
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pinkstealth
|
15 to 20 year mortgage is the best
30 year mortgage is stupid
changing your mortgage will cost money
not worth it unless you save alot of money by doing it |
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John
|
OK, here are a few things I know.
1. There is no typical monthly mortgage payment. It is going to depend on the cost of the property you are looking to purchase. Mixed with the percentage rate for the mortgage.
2. If you cannot put down at least 25 percent of the home value you will be required to pay for PMI (Private Mortgage Insurance).
3. Some mortgage companies will let you get around PMI by taking out a 100% mortgage. Actuall two martgages 1 for the 25% down payment and 1 for the normal 75%.
4. Home mortgage rates go UP if you borrow less money. I think the figure I've heard is about 150,000 less than that and your rate will be higher. They gotta make their money...
5. A lot of places offer different loan products to try to help new buyers get into a larger house or better house by putting off larger interest payments for about 3 or 5 years. But getting out early cost you money and the rates go much higher after the initial 3 to 5 years. Try to stick with a conventional 30 year fixed if you can.
In regards to your question about how easy is it to change mortgages. That is called a refinance. It's just like what you have to do to buy the house initially. It's not advisable unless rates have dropped typically more than 1 percentage point because you will have to pay closing cost to get the new load and you have to take that into consideration.
Probably not a good Idea to rent your property out without informing your lender. Depending on what documents you signed you may have to state that this is your primary residence and your rate may be linked to that. If you start renting it out without notifying them it could be cause for a lawsuite.
That's what I know.
Best of luck |
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wantstoknow
|
The monthly mortgage payment depends on how much you're borrowing from the lender. If you want to refi your house, as long as you have good credit it's very easy, but you have to make sure that there is no pre-payment penalties when you get a mortgage. You can rent your house without letting your mortgage company know. The best for the first time buyers is really never, right now the market is for buyers though, there are many houses on the market, but the interest rates are high.
If you have any more questions, just ask! Good luck |
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Judy1
|
Typical payment might be about $1000 for each $100,000 borrowed for a 30-year fixed rate mortgage. It will vary depending on the interest rate you get, and length of time of the mortgage. Payments usually include an escrow account for taxes and insurance. If you're in an area with high real estate taxes, the above numbers might go up some.
You can usually refinance a mortgage if your credit is OK, but there are costs involved so you don't want to do it unless you have a good reason, like a lower interest rate or changing from an adjustable rate mortgage (ARM) to a fixed rate. With an ARM, the interest rate can go up during the mortgage time; fixed rate means the rate stays the same. ARM's usually have lower starting rates than fixed rate mortgages, but with a fixed rate mortgage your payment won't change except due to taxes and insurance changes.
You can most likely do about anything you want to with the property without informing the lenders unless your mortgage contract says otherwise. |
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JD
|
call any banks and ask. |
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The MortgageGuy
|
Monthly payment is determined by many variables such as: cost of home,qualifying interest rates,and term of the loan. Remember,you still must include your taxes and insurance. How much can you afford a month is a better question! ......To change a mortgage in any way is called refinancing. You must still maintain your credit after getting a first mortgage in order to refinance easily. If you have circumstances DO NT buy a home now. ..........It is your property of course you can rent it out. However, some lenders require you to hold the mortgage for a short wile before you rent it out it is called seasoning. Never rent to family especially mother in laws........First time buyers is really a phrase that applies to car purchases not home loans. First time buyer programs are mostly associated with government programs. I can write a book about what else you should look for but, I cant do that write now,so buyer beware. |
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snvffy
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Depends on the interest rate and amount mortgaged.
Impossible.
Don't know.
Lots.
www.daveramsey.com |
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