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 Why would a 30 yr mortgage loan at a fixed interest rate of 6.25 go up $250 in a month? |
Additional Details
I checked my papers and it is a 30 yr fixed rate loan and when I called them the said it raised because of my taxes. Yes I am escrowing the taxes. I still feel like ... |
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xhikaru_sorax | How do you get 0% mortgage loan? |
I am planning to purchase a house for $519 000.
Down payment - 25 000 to 50 000 dollars
Is it possible to get 0% mortgage rate? How do you make this kind of deal with the bankers? What are the chances of getting this deal?
My goal is to only pay $1320 or so per month. No immensely higher than that. |
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Chris C
|
This would be very difficult. Bank are in the business of making money, offering a 0% loan without some kind of benefit to the bank is not possible. Especially, given the fact that you are looking at putting down a payment of less than 10%, I would say your chances are nil. you're best chance at getting a 0% mortgage is if you are purchasing a multi-million dollar home and using the bank that you currently have your millions in savings/investments with....get the point? (If you aren't giving the bank a good profitable reason for them to give you completely free money, they won't do it)
Techincally, the closest way to get a 0% mortgage is to pay cash for the home then borrow out the equity you have and use that money for investment purposes. This would mean your debt interest is fully tax deductible. You wouldn't get all of it back on your income tax (meaning it wouldn't be a truly 0% loan), but it should create some nice tax deductions for you that would greatly subsidize any interest incurred on the debt.
Wish there was a more favourable answer for you. |
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acermill
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You expect a lender to give you money with NO interest to be earned by the lender ? On what planet do you live ?
Current mortgage rates are hovering around 6%. Don't expect to find manna from heaven lowering that rate. |
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Pu_Rock
|
It's impossible to get your monthly payment to 1320 with that amount of loan and downpayment. Plus you need to figure in real estate taxes, housing fees, insurance, etc.
No bank will offer 0% interest rate, because then there is no reason to make the loan. Car companies might do it, because they are selling their product. But for mortgages, loans are the product. |
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utreinvestor
|
it all depends on the bank your dealing with. i have a couple partners who have negotiated 0% interest rates with banks in our current market so it's not impossible. however, you won't get 0% with a conventional mortgage...the banks have to make money too.
if you're dealing with a short-sale or reo property and the bank already has too many reo properties on its books, they'll need to negotiate. the trick is that you won't know if the bank is in that bad of a position. you'll also only get that kind of a deal on a short-term basis; at some point you'll have to refinance with a traditional mortgage. but it would be great for a short-term (less than 2 years but i've seen up to 5).
the only way to find out is to make an offer and see what happens. you'll probably need to find an investor who can help you since most real estate agents don't have a clue how to do what you're asking for. |
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jack k
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sorry, you're dreaming. Even if you could get a 2% loan, add property taxes and homeowners insurance and your payment will still be over 2K per month |
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William S
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Real Estate Guy
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you can't
If you want a total payment of 1320, you need a 187,000 mortgage at 6% a year (30 year fixed). With 50,000 down, you can purchase a home for 237,000
FORGET THE 519,000 house IT WILL NEVER HAPPEN. |
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madiesmum
 |
sorry you are in lala land no one will do that, try looking at how much you can borrow in todays market then look for a cheaper home.
most places want at least a 20% down payment so for 50,000 down you could get something for 250,000 |
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