Can I buy a 450.000 dollar house with an income of 73,000 anually? I would enclose the closing costs in the morgage. The taxes are about 900.00 a year. What kind of monthly morgage would I be looking at. I was told by a broker that putting down 10,000 would not be worth it. Only a significant amount would effect the morgage. Is it doable, and how much would I have to tighten up? Thanks.
2006-07-18 11:19:42 · 7 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
Right now is the beginning of the market down swing. Over the years I've watched peak and drop cycle occur about every 10+ years and it's starts with foreclosures, % rising. Your income would strap you to the house for a longer period if you buy at the beginning of the down stroke unless a real good deal is discovered. Don't be sold. With both eyes wide open and armed with all the info I'm sure the right decision will be made. Now with the gasoline going up those sort of things have to be taken into account and I'm sure this fact added to existing foreclosures Good luck
2006-07-18 12:34:37 · answer #1 · answered by StayBeZe 4 · 0⤊ 2⤋
450000 home with a 30 yr fixed rate mortgage at 6.25% interest would give you payments of $2770 a month. That's $33240 annually (45% of your annual income). Your broker is right, putting $10K down will lower your monthly payment by only $60 a month.
Doesn't sound like a good idea to me. I know i couldn't afford to spend almost half of my annual income on my mortgage.
BTW, $900 a yr for taxes seems REALLY low. Granted, I live in Texas where property taxes are relatively high, but that still seems pretty low.
2006-07-18 11:31:01 · answer #2 · answered by Sweet Baby Leroy 2 · 0⤊ 0⤋
If you go to one of the online mortgage sites (Lending Tree) use the calculator to figure this out. First of all, $10K down on a $450K home is nothing, you'll need 20% to make a significant difference in the payment amount.
It isn't just what you make that will get you a loan, it's your credit report...got debt? If your debt ratio is out of whack, it won't work. Best to find an affordable home in your doable range than to overextend yourself with a huge mortgage.
2006-07-18 11:30:03 · answer #3 · answered by MadforMAC 7 · 0⤊ 0⤋
We bought a 235,000 dollar home on a much higher income. We put 80,000 down and our payment are still 1000.+ each month you have got to be nuts to think this is going to happen.
2006-07-18 12:04:10 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes Have u thought about getting help from your county.. Some help pay down pymt or closing Good Luck
2006-07-18 11:42:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
only if you like to eat off the dollar menu
2006-07-18 11:25:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I WOULD BE ON MY WAY TO THE BANKER FOR A PROFESSIONAL ANSWER FROM THE ACTUAL PERSON WHO WILL BE GIVING YOU THE LOAN.
2006-07-18 11:28:14 · answer #7 · answered by X 4 · 0⤊ 0⤋