I just go t approved for aloan for 170,00 but the county is covering 50,000 for closing and down payment. so I am aacually only getting financed for 20,000. the problem is I can only afford payments of 7 to 8 hundred a month and this loan is 774 and 1002 after taxes and insurance . my credit score is 630 and my partner is 619 together we make about 52,000 a year.
2006-10-09 15:41:09 · 7 answers · asked by shana m 1 in Business & Finance ➔ Renting & Real Estate
I think you answered your own question- $774 is not a lot but if you can only afford between 700- 800 for a mortgage then how will you afford the $1002 with taxes and insurance? Keep in mind other things such as how will your cash flow be for home repairs, car payments/repairs, food, utilities, etc., after the mortgage is paid. I'm not sure where you live but where I am, $1002 mortgage is cheaper then any 2(even 1) bedroom apartment where I live..Don't feel pressured to sign anything until you are comfortable. It's your money, after all..
2006-10-09 15:55:37 · answer #1 · answered by bellagirlinchicago 2 · 0⤊ 0⤋
Well your interest rate is appx 6.75 from what i can gather. With your credit scores I cant say thats a bad loan. You need to make sure you can afford the payment thats the bottom line. Good Luck. GK
2006-10-09 22:59:38 · answer #2 · answered by kgreives 4 · 0⤊ 0⤋
I may be able to get you a lower rate/payment.
any score 620+ can be A paper. A paper rates start at around 6% right now for a 30 year fixed.
what is your loan to value? was the appraisal done yet?
call me to discuss
877-775-6265
Andre.
2006-10-09 23:18:32 · answer #3 · answered by ondreforsure 3 · 0⤊ 0⤋
That's not that bad of a payment, maybe get to work on improving those scores. Where the heck do you live for that low of a payment?
2006-10-09 23:24:49 · answer #4 · answered by Dos 2 · 0⤊ 0⤋
In short, that rate is very competitive. As long as your not paying high costs for the loan, that is a very good rate based on your scenario. Cost of loans vary, but if they are between $3500 and $6,000 that is reasonable for a loan that size.
2006-10-09 22:48:57 · answer #5 · answered by Debbie P 2 · 0⤊ 0⤋
That would mean your interest rate is 6.70%. With those credit scores you are getting a great deal.
2006-10-10 07:58:07 · answer #6 · answered by Anonymous · 0⤊ 0⤋
nooo........
2006-10-09 22:46:27 · answer #7 · answered by Anonymous · 0⤊ 1⤋