 First time buyers, good credit, interest only? |
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How much money do you have to have saved?
Or do you get a loan for 100% of the home cost?
Etc. Any tips are welcome. Thanks. =)... |
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I know its to do with houses.
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| My fiance and I have been looking at houses for the past four months. We finally found one in a good neighborhood that we can afford. The problem is it was built in the 1050's, and the furnace,... |
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| Will sending my mortgage company $3k towards my principle help reduce my monthly bill? By the way, I got a 6.375% rate for 30yrs. Should I try to refinance instead?... |
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leidy101 | What will my mortgage be if....? |
We buy a $450,000; I have a credit score of 700 and my husband of 750; we have a combined income of 60k; and we are buying the house in the suburbs of NYC (wantagh, in nassau county, Long Island). With all this in mind, approximately what will be our mortgage?
Additional Details
We buy a $450,000; I have a credit score of 700 and my husband of 750; we have a combined income of 70k; We have no debt so the only bills we'd have are the ones that come with a home; Its our first home; we are putting 10% down and we are buying the house in the suburbs of NYC (wantagh, in nassau county, Long Island). With all this in mind, approximately what will be our mortgage? |
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ZinaRae
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Without a massive down payment it's not going to happen in this lifetime. To qualify you'd need about $200,000 down payment, maybe more if your debit-to-income ratio is out of whack. |
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ronidl76
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Depends on the interest rate. Search for mortgage calculators, and it'll give you an idea. They take into account where you live, so taxes and insurance are also figured in.
A $450K home is a bit much if you make a combined $60 per year.
10% down; you're still stuck with a $405,000 home. At 6%, you're looking at about $2,500 a month for your monthly payment alone. How much are property taxes in that area? In big cities in Texas, it's about 3% of appraised value of the home. Remember, even if you buy the house for $405K, it's still appraised at the very least $450K. Appraisals are always higher, so let's say it's appraised at $500K - at 3%, you're looking at another $1250 per month for taxes. You still need insurance---about another $100 a month at the least.
so in total - $2500+$1250+$100=$3,850 per month for housing alone. You two make $5,000 per month gross, maybe $4,000 take home. Really, how are you going to eat?
And the only thing that credit score is good for is to give you a lower interest rate. You're still out of your league with this expensive home. |
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Landlord
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You do not earn enough money to qualify for the house, so there will not be any mortgage. Your price range needs to be close to 200k |
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Blue October
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your monthly payment will depend on the type of loan and the interest rate and your down payment.
i want to recommend that you get prequalified by your bank so that you can have some idea as to what your monthly payment will be and can start adjusting now.
second i want to urge you to stay away from the ARMs (adjustable rate mortgage). these ARMs are responsible for many americans losing their homes daily to foreclosure. the interest rate will climb on a regular basis (monthly, quarterly or whenever) and thus your payment now becomes unmanageable.
stay with a traditional loan...30 year - fixed rate - no prepay penalties. try to put down at least 20%....with your credit scores this loan should be doable..
also..stay away from the loan and mortgage sharks on the internet who will email you or respond to this and say "email me ---i can get you a great loan"...stick with your local banks...they are more reptutible and close by when you need 'a body' to talk to
good luck |
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wilderwriter
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Unless you are putting down an ENORMOUS amount of money, there is absolutely No Way you can afford the monthly payment, which includes the mortgage amount, taxes and insurance.
Just what dream-world do you live in, anyway? |
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oscar a
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Hello , my name is oscar and im a loan officer and i can let you know exactly what your payment will be, we may even be able to help you locate a house. If you have any questions please feel free to E-mail me at Oazucar@unitednorthern.com |
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Jen
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That depends on a few things. Do you have a bankruptcy? Are you putting any money down or are you looking for the highest amount you can get? Do you have any other bills that you are paying along with the mortgage? Do you have housing history whether it is rental or a previous mortgage the last 12 months? Is this your first home? I would talk with someone at a mortgage company or bank. You are not obligated to take the loan if you don't like the terms of it. |
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Lonnal W
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IF your combined yearly income is $60,000.00, FIRST the figures are something like this: $450,000.00 LESS 10% ($45,000.00 DOWN) is 405,000 PRINCIPAL !!!! @ 6 %, 360 months, (30years) the P. & I. -ONLY- IS $2,428.18 MONTHLY !!!! I am sorry to have to provide you with this sad information, however, you 2 do not qualify for this DREAM HOME !!!!! Depending on the area, and many, many other factors ( like other debts, car payments, # of children, ALL OTHER OBLIGATIONS) you MIGHT Qualify to purchase a home for around $200,000.00 !!!!!!! $200,000.00, lets say less 5% (10,000.00) down, finance 190,000.00 @ 6%, 360 months, P. & I. ONLY IS $1139.15 MONTHLY. ADD TAXES AND INSURENCE TO THAT !!!!!
I am not in the mortgage business itself !! I have been an INVESTOR IN HOMES for many years, and assist my people with joining them with mortage companies and looking after their interest!!! I recieve nothing from the morgage companies !!!!
Uncle Wil |
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Patty R
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My realtor taught me that you can come up with an estimate of your total monthly payments by taking 10% of the total cost financed and using that number as your minimum payment. For example, in your case, buying a $450K house would make your monthly payments (everything included except utilities) approximately $4,500.00. Again, this is a very rough estimate. It seems like the both of you have great credit, but you never know what could happen. You might want to start working with a lender to get some options for financing. Also, first time home buyers can get several different types of down payment assisstance and government grants so be sure to look into that. Good luck and congratulations on this big step in your life! |
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Latina123
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Assuming that you will buy the propertfy 100%, and find a lender that will do an 80/20. Here is an example at 6.5% interest rate in the 1st and 9% in the sencond:
1st loan amt = $360,000 @ 6.5% = $2,275 (fully amortization)
$360,000 @ 6.5% = $1,950 (Interest only)
2nd loan amt = $90,000 @ 9% = $724
2,275+724 = $2,999 + property taxes + home onwer ins.
Now, if you go 100% with one loan, this will be your mthly payments at 6.5%:
$2,844 + property taxes + home onwer ins. + (Mortgage Ins),
if not inlcuded in the rate. But I will recommend to talk to your lender or broker and find out with them...
Hope this helped = ) |
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dg8499
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Leidy I work for Citibank which is in New York. Because you have excellent credit and are putting money down it would not be an issue with getting into the home.
1st: $315000
Rate:6.5%
Payment:$1575
2nd:$90000
Rate:7.56
Payment:$632
Total:$2207
The interest rates on the 1st mortgage are comparable to my competition but I can promise you the second mortgage wouldnt get beaten. |
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