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Im looking for a good mortgage company to refinance my home....owe 95k and looking to get a loan for 100k with a low payment, better interest (now at 6.125%)....
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Melanie | Would it be smart to look into a house? |
We are currently living about an hour outside of Cleveland Ohio. In 2003 we purchased our condo for $80,000 with a three year fixed and then it went to an adjustable rate. So, last year, we refinanced and consolidated our debt for a new balance of $84,000. For that loan, we had our condo reappraised for $98,000. Our monthly mortgage payment is around $850 plus a $100 condo fee. We pay our own insurance and property taxes living in the condo as well.When we refinanced we were informed that if we paid off the balance within three years, we would have to pay six months of interest.
Now we have our second child on the way and would love to move into a new house with a yard and basement! :o) My question is, do you think it would be a smart move to at least look into what kind of a loan we can get at this time. I am currently attending nursing school so we will definitely have a second income within the next year or two. I just feel like for what we are paying for a condo, we could be liv |
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jcturtle27
 |
It's def. something you should look into! Good luck! You may be able to find a house that is around the same price but bigger than your condo! |
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psi2006
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Shop around for a place that will be the same or less than you're paying for the condo. Get a fixed 30 year loan. No ARMs.
You seem smart about those. It doesn't hurt to shop. There are lots of deals out there now for buyers. |
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cardinalfanusa
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Interest rates are currently falling and are likely as low as they'll ever get. Also, the housing market is falling apart and homes are selling for up to 20% less than they were a few years ago. Take advantage of these opportunities before the economy recovers, home prices rise, and interest rates begin to rise. Things will likely stay the way they are until the next presential election, so you have about a year to get into your new home. |
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brina
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Why not take a look and see if your eligible. You have 14000, in new equity which will help as well. Good luck |
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Dr. Deth
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the real estate market has been bad for awhile = your condo may be worth less than 98k now and may take 2-3 times as long to sell - get an appraisal done and talk to a real estate agent on what you might get for it in this market - don't forget to subtract brokers commission when you sell to see how much actual equity you'll have for a down payment on new house - you should both be working at the time you expect to get the mortgage or you might not qualify for the new house based on just your husbands pay, unless he makes enough already |
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nunyun
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Yes. There's no harm in looking, and it's a buyer's market right now. |
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psychopiet
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Depends on your PRESENT income and how much money you have saved. I would say, stay put till you have your second income and save as much as possible till then. |
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Galaxe B
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yeah |
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Kathryn
 |
I don't know what your current interest rate is, but for this analysis, I'm estimating it's 6.5%. A loan balance of $84,000 * 6.5% * 1/2 (half a year) = $2,730. That is about what you'd have to pay if you paid off the loan before the three years is up. That's a small enough amount of money that it shouldn't keep you from buying a house now if you want.
I think you should find out how much of a loan you could qualify for, and see how much house that would buy you. If you can't get as much house as you want now, you could wait until you're working and then see what you could afford. Also, don't be surprised if you can't sell your condo for $98,000. Prices are dropping; so you might not get as much as you're expecting when you sell -- just a word of caution...
Good luck and congratulations on the new baby! |
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