I live in Astoria Queens and want to buy a condo or a house. I can't afford the million dollar homes here. Do any of you know a nice area where I could start looking? I make 55k a year and have a terrific credit history.
2006-07-24 05:44:11 · 3 answers · asked by Queen Nefertiti 3 in Business & Finance ➔ Renting & Real Estate
Above advice is good, but it's also important to put as much down on the house as you can. If you could swing a 20 year loan, you'd save hundreds of thousands of dollars over the life of your mortgage. People think they get great tax breaks on houses and while that's true, it pales in comparison to the amount saved on interest you pay over time. It's easy to pay triple the cost of a home with a 30-year fixed if you put close to nothing down. Save, then buy.
2006-07-24 06:38:41 · answer #1 · answered by SurferRose 4 · 1⤊ 0⤋
The often used rule of thumb for house payments is that the monthly mortgage payment should not exceed one-quarter of your monthly take-home income. Using your 55K figure, the monthly payment to figure on for the mortgage would be approximately $1145 per month. My advice would be to work with a real-estate agent to start with. Good luck.
2006-07-24 12:52:08 · answer #2 · answered by Jolly 7 · 0⤊ 0⤋
Work with a Mortgage Broker first that way you are happy with the payment and interest rate. He/she can prequalify you and give you a letter which than you will take to your Real Estate Agent. You make more than enough to probably afford 250-320 property if revolving debt is low. Good luck and other questions please ask.
2006-07-24 13:40:08 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 1⤋