 I need to refinance my house in 4 years. What happens if is worth less than what I paid for it? |
| We paid $669,000 for our house at the top of the market(preconstruction). Now the same model is selling for $420,000 and still no buyers! I don't think the market will come back in time when I ... |
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 Bad tenants? |
| i have rented my flat , i never use to get my rent on time so i have given them notice of 4 weeks. On that my tenants did not agree on this and wanted atleast 3 months, after negotiating he agreed on ... |
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 Im ready to purchase a home now? |
| Im ready to purchase a home now - my realtor says buy now - my boss says wait for 4-6 months the buyers market, what should I ... |
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 Home Loans Advice? |
| If I am approved for a $350,000 home loan and buy a home for $300,000, will I be able to use the remaining $50,000 for fixing up, furnature, etc, or will I only be able to take the $300,000 for the ... |
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 Housing benefit??? who and how can claim for it??? i just become a single mother and the father of my child... |
is selling the house from underneath us, so i am now looking into getting a house! and hoping housing benefit can help me out, but not sure if i am eligible for it as i work 20 hours aweek.
if ... |
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 How can I break my rental agreement/lease? |
| I need to know how to break my lease without paying anything.The apartments I am in are horrible, filthy, bug infested, cars are being vandalised all the time (mine included). I want to move ASAP.I ... |
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 How much can I negotiate on a house to get them down? |
| The house is asking 135K and the owners bought it for 103K in 2003.... |
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 No heat help me please? |
| i have a question regarding enbridge gas company.i just got back with my girlfriend recently and while we were seperated she fell behind on payments.when i arrived she was disconnected and she and ... |
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 What to do with a tenants that refuse to pay rent.? |
| They claim that there was mouse in the house so send the rodent company to fix the problem but they were not cooperative at all. They kept on complaining of the situation and contracted three other ... |
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 How many square feet is considered a good sized home in the USA? |
| A better than average house in the USA will gain a realtors eye if it exceeds how many square feet? At waht level of square footage does a house start taking on a certain level of prestige?... |
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 Equity line of credit a good idea to pay off my mortgage? |
| I called my mortgage company today and asked about a refinance. I am not behind, or in forecloser. He did not offer me a good rate, but he did talk about a equity line of credit to pay off the ... |
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 I am going to re-finance my house with Countrywide.? |
| It will be a loan fixed at 30 years. 6.125 I fill out an inquire last Monday and they allready aproved my loan. Nex thursday I am to sign . The Notary will come over muy place. Where is the ... |
|
 Can A Listing Agent get the whole commission if he is listing and selling a home? |
| I really want to buy this home and I was wondering if I can go directly to the listing agent and for him to represent me.... |
|
 How do you know if you can trust your Realtor? |
| it's not that I don't trust my Realtor, but his suggestions to me for selling my house quick is to increase the 6% to 8% so Buyer's agent etc will move quicker trying to sell it. I ... |
|
 House fence question? |
I live in a terrace house all former council. All my
neighbours like me now own their homes. Did my neighbour
to the right side have the right to replace the fence that
divides our ... |
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WantAHouse | Can a person who makes $105,000 a year afford a $370,000 house? |
We only have $10,000 for a downpayment? Taxes are $5,500 a year and assessments are $615. Thanks. |
 |
 
Leonb
 |
For me 49%-Yes and 51%-No, Why No because as what you have mention you only have 10k downpayment and with your salary you will live a tight budget. Remember you also have to save for rainy days in case you lose your job, etc it should be 6months monthly expenses at least. You also need to buy furniture, maintenance and other home ownership expenses if there is. You also need to budget your retirement savings, kids college cost if you have kids and other expenses that comes with it, car and insurance. etc, etc etc... So my advice is to make a checklist of your expenses when you buy this house and future expenses. And see if you can make it don't think of a salary increase because sometimes it doesn't come when you really expecting it. |
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Canadian Wisdom
 |
technically it depends on your expenses, however most likely the answer is yes.
Check a mortgage calculator (Google is your friend) to estimate your monthly payments. Check if you can live with that. Consider utilities, furniture, repairs, taxes, etc.
A rule of thumb is that your monthly mortgage should be no more than 50% of your expenses (unless you want to live really tight).... ideally it should be 33%. |
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guru
|
There are plenty of lenders who will give you the loan, that won't be a problem. The question is... can you handle the loan payment? Add up all of your monthly expenses and then add the mortgage to it. If you feel comfortable with that amount of money going out... go for it. |
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plutolawyer
 |
Potentially. You should be able to, but there are several other contributing factors, e.g. your credit score (interest rate depends on it) other monthly debts, etc. Try to search on the web for "payment calculators". They let you input your monthly bills payments, etc and then tell you how much you can afford. Just be careful, so called "creative financing" will attempt to qualify you for way more house than you can afford with significant drawbacks in the near future! Also, generally if you cannot put at least 20% down you will have to impound your taxes and insurance into your payment to protect your creditor |
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northville
|
it depends on your credit score, and your liabilities and assets.
We can give you a free eval. and then direct you to a lender in your area.
www.debjim.com |
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john c
 |
What is your monthly mortgage payment? What is your net income after taxes and other deductions? What is your lifestyle, such as eating out alot, much entertainment,etc.? What is the size of your family,number of children,other dependents? You need to provide more information! |
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djdraven99
|
yes
if you made $60,000/year you could afford this. |
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CHARITY G
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Probably not. The rule of thumb is that the total amount financed should be nor more than two and one-half times your annual income. Or no more than 25% of your annual income. |
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justgetaloan
 |
Generally most banks will not allow you to go over 50% of your income for total expenses. These expenses include car payments, personal loans, credit cards, or any additional payments that will appear on the credit report. Then depending on your credit the motgage payment will vary. there are additional programs available and with that amount down you should have no problem qualifying for the industries lowest rates. You can contact me direct at jfreeman@justgetaloan.net visit http://www.justgetaloan.net or by phone at 866 530 7300 ask for ext 7305 |
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August P
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anyone can get a mortgage with any salary. that's why the sub-prime market is not dead but sleeping.
the best way to get a good rate is to have a ratio of 4 to 1 of salary to borrowing. banks want to know if all the bills that you have that you still have enough for the mortgage and money left over.
try to raise at least 25% of value in cash then find out your credit score. |
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