 If you're buying a house, is it better to take out a loan or pay cash? |
| I've heard that there are good tax breaks if you have a mortage. Do they offset the interest that you'd be paying when you take out a loan? Which is better, cash or loan?... |
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 Is £65 rent money a week high? |
for two parents and a child in one room
just wondering
Additional Details
we have this family and they broke our toilet so my mum had to pay and my asked them to cough up as ... |
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 Landlord asked for key to apartment - does law require i give key? |
| My co worker is renting a home from somebody who is selling their home. The landlord has been bringing people to see the house without notice or with very little notice and has been asked many times ... |
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 Buying a first home....why is it so hard? |
| My hubby and I are in the process of buying our first home. Our bank doesn't do 30 year mortgages so they sent us to PHH mortgage. Well this company has been putting us through the ringer. They ... |
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 I just bought a house from a guy whose contract is up with the real estate agency? |
| he actually signed the paperwork last night with me that i had a lawyer prepare. he called me today and said that the realtor wants to collect fees because his sign is in the yard. he wants to ... |
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 How to cancel a contract with a realtor after just signing .? |
| Help my 83yr.old mother does not trust the agent, tried to cancel the contract in 72hrs.he said he will not release her.What to do, who do you contact,what are her rights . I'm afraid she will ... |
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 What does 100 £ "pcm" mean in a house renting ad ? |
Additional Details
100 £ was just an example !
i'm sorry this questions seems obviously stupid to u, but i'm french, and i was thinking it meant "per couple of ... |
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 Coming back to the UK? |
and looking to buy a property that I can keep for a few years,for a future family,at least 4 bedrooms looking in the region of Richmond, does any one know price ranges?Is 1.4 mil enough?
Thanks ... |
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 Is there anything I can do to shut my neighbors dog up besides antifreeze??? |
| I just bought a house and my neighbor keeps his dog right next to my house. They have a small yard so it really has no other place to go. They care about there dog I watch them play with it. It barks ... |
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 Does a real estate agent do ANYTHING other than WAITING on your property to SELL???? |
| OK, I know a lot of realtors lurk around here, defending their profession. So, tell me: WHAT the heck are you meant to do as a realtor??? Because every single realtor I've ever used has done the ... |
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 Do I have to pay rent for a house I never lived in? |
| My family was planning to relocate to another state. We found a house loved it, sent a non-refundable "holding deposit" and signed a 1-yr lease with a term from 11/07/07 (when we planned to ... |
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 Can the real estate person really do this and get away with it? Should we pay him? |
| We signed a 90 day contract with a real estate agent to sell our home. During that 90 day period he was supposed to advertise three times in the local real estate magazine -- well he goofed and ... |
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| Please help? |
is $5300 too much to pay for all closing costs ?
my GFE reads $4800, now the loan officer calls and says they added $489 more to cover the survey costs..! what do i do ? should i pay it or just ... |
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 Is this true? |
| I heard that it was easier to get a loan on a house than a car.... |
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 How do I find out if anyone has died in a home we are purchasing? |
| We are about to purchase a home. I watch to many of those haunting shows like Ghosthunters and Paranormal state so I want to find out how do I find out if anyone has ever died in a home? Is there a ... |
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 I have just had a homebuyers report done for a house, the value is alot less than our offer, can we negotiate? |
Additional Details
the report has shown things like needing a new roof. this would cost a few grand to do and also the property value is about 13 grand below my offer.
can we ... |
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fred d | How much house can i afford on 60,000 dollar annual income? |
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scott l
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It depends on you're overall debt. Banks typically want your home debt to be no more that 28% of your income and total debt no more than 35% of your income. I use the gauge of 2.25 times my annual salary is the amount of home I can purchase. In your case it would be about $135k |
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Mary T
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Its really hard to say how much a person can afford without knowing all of their finances but there is a website you can go to where you can calculate you finances and they tell you how much you can afford.http://www.bankrate.com/brm/calc/newhouse/calculator.asp |
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NeverReady
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depends where you live, here in the south, you could have a really nice house, in los angeles or new jersey, you could own a closet!! |
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Mary
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Like others have said, it really depends on your other debts and credit. There are a lot of good mortgage calculators out there though, where you can plug in your monthly debts and income, and it will give you an estimate of how much house you can afford. There is even one on Yahoo real estate:
http://realestate.yahoo.com/calculators/afford.html;_ylt=AsXNJUASVzGWT.om4QpHR5f.j8kF |
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HomesByDamon.com
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Depends on your credit score, how much you'll put down for a down payment, the real estate taxes, amount of homeowner's insurance, and other debt payments (min. credit card payments, car payment, student loan payment, personal loans).
If you have $60k in annual income, and have good credit credit you could comfortably buy a house with a total debt to income ratio of 45%. Fannie Mae will even allow lenders to stretch the DTI to 60% with excellent credit, but I would never do it!
Making some assumptions, like you have good credit, minimal credit card debt, you don't have student loans, and have a smaller car payment, plan on putting 5% down or more, you could probably buy in the $250k range. If your debts are smaller, you might be able to go a little higher, and if your debts are larger, then you might need to go a little lower.
Here's a breakdown of a sample monthly payment based on a purchase price of $250,000 with a 5% down payment, on a 30 yr fixed rate mortgage at 6%.
Principal & interest: $1423
PMI: $178
Taxes: $225**
Insurance: $70
Total: 1891/mo
**Based on similar priced homes in Pennsylvania.
Lastly, remember this is a guideline...if you are not comfortable making a payment of $1891/mo, you'll need to put more down, reduce the purchase price, or do both. You have to be able to sleep at night... |
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deasel98
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I work for a large mortgage bank, and our standard rule of thumb is 3x your annual income. There are many different factors that could change this (ie. other loans, car payments, credit rating, etc) |
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Josi
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How much how you can afford depends on a lot of things. Go to Suze Orman's website and use some of the calculators to help you get an idea. |
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Alterfemego
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While that may qualify you to purchase a home, your debt load could impact your affordability. If you are heavily in debt, then you may not be able to pay mortgage payments. If you have no debt, a rule of thumb in GUESSTIMATING a purchase price would be 2 1/2 times your gross income. So for conversation purposes, $150,000 I hope this has been helpful. Good Luck! Happy New Year! |
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strtat2
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not much, at least not where I live. but it would depend on more then your income. You have to consider your debt, your monthly expenses, your savings. Talk to a mortgage broker, or go to www.realtor.com, they have calculators to help you figure out what you can afford. |
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hail to the victors
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w/ the current real estate prices ur screwed |
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Pompin Jo
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I am going to say up yo about $115,000. No more than that or you will be really house broke |
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Rodney F
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I always heard it is 1 and 1/2 times your annual income. |
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