Is this considered too high? I'm a first time home buyer and I'm buying it with my finace.
2006-10-13 13:41:45 · 10 answers · asked by physical_graffiti402 2 in Business & Finance ➔ Renting & Real Estate
Actually, the payment is 1400. 0% financing. This includes mortgage insurance, taxes and all of that. This is in Omaha NE if that matters.
2006-10-13 14:00:52 · update #1
it's about average ... 100K should be 1000.00, average about 100.00 for every thousand.
2006-10-13 13:49:38 · answer #1 · answered by londonhawk 4 · 0⤊ 0⤋
Check if this estimate includes a monthly allowance for property taxes, homeowner's insurance and HOA fees. (Home Owners Association.)
If those items are *not* included - that is the $1450/mo only covers your mortgage loan, then, yes - you are paying way too much to borrow money for a mortgage.
If the loan is for 30 years, then $1450/month is more tha 12% annual interest - an absurdly high rate to pay even for a first-time buyer.
If the loan is for 15 years, then your interest rate is about 9.5%, also well above current market rates.
Shop around for other loans. But first find out if the payments include, or exclude, property taxes, insurance and homeowner's fees.
2006-10-13 13:57:08 · answer #2 · answered by Tom-SJ 6 · 0⤊ 0⤋
Read the fine print in your contract. That 0% teaser rate is probably for 3 months. It will probably increase 2% every 3 months. by this time next year, you'll be paying over 8% interest and your mortgage payment will increase by 50%. Can you afford that?
2006-10-13 18:23:38 · answer #3 · answered by Steve R 6 · 0⤊ 0⤋
You said, "This includes mortgage insurance, taxes and all of that."
What is the dollar amount of all those other items?
Did the lender give you an actual Good Gaith Estimate outlining all of your costs?
What was the APR on your Truth In Lending statement?
2006-10-13 17:38:58 · answer #4 · answered by Ngoshe8r 1 · 0⤊ 0⤋
Let me ask you a question....can you swing that much payment per month? I think you should shop around. I'm not impressed yet. There are more banks in the world than just one. Get at least 6 quotes. Then you will have an idea.
2006-10-13 14:14:29 · answer #5 · answered by john d 3 · 0⤊ 0⤋
hi, lots of the time overdue funds would be extra to the lower back of the indoors maximum loan. the only time this could quite have an impact is once you finally sell or refinance the abode. whilst doing a private loan replace, you will not could desire to pay the quantity overdue on the instant because it quite is going to be extra to the tip of the indoors maximum loan subsequently increasing your staggering stability. Assuming you get approved for the contract, your finished funds will finally end up being decrease as your lender will greater suitable than probable decrease your interest fee heavily
2016-11-28 04:20:04 · answer #6 · answered by Erika 3 · 0⤊ 0⤋
Depends on how much you make. Your mortgage should never be more than 20% of your take home.
2006-10-13 17:47:23 · answer #7 · answered by Classy Granny 7 · 0⤊ 0⤋
VERY HIGH, I know people with 275000 mortgages that pay less than that. Shop around.
2006-10-13 13:51:42 · answer #8 · answered by Billy 4 · 0⤊ 0⤋
when u people will stop asking incomplete questions.
without the no of installemnts or duration of paying loan, how can we answer your question.
if u can provide no of installment then i will tell u wat interest they charge from u and whether it is high or just enough.
2006-10-13 14:54:01 · answer #9 · answered by Anonymous · 0⤊ 0⤋
It depends on if you're paying points and what your rate is.
2006-10-13 13:49:23 · answer #10 · answered by Iamnotarobot (former believer) 6 · 0⤊ 0⤋