2006-12-12 01:44:40 · 11 answers · asked by forest lover 2 in Business & Finance ➔ Renting & Real Estate
especially if i wanted it built from scratch.
2006-12-12 01:45:10 · update #1
there are many factors that go into figuring out your mortage payment. your credit history, state and county house is in, area of city it's in, street it's on, area market values, condition of the house or who's building it, building costs, how well it's built, what it is constructed with I could go on and on and on.
2006-12-12 01:51:45 · answer #1 · answered by T C 3 · 0⤊ 0⤋
This will depend on many factors, namely:
1. your credit
2. home square footage
3. is the land already paid for or part of the mortgage?
4. what are you putting into the house (i.e. ceramic tile versus laminant flooring; formica versus granite countertops, etc.)
5. number of baths...
6. location (for appraisal purposes)
All of these factors determine the cost of your house and therefore your mortgage. Also, if you are planning on building, you will likely need builder's risk insurance, which your lender will likely tell you. During construction, you'll make payments on the draws you've taken to complete phases. This means your mortgage payment will begin as you start building but it will be small, increasing in size until completion. At completion, you'll close the construction loan and open the permanent loan and your mortgage becomes rigid, provided it's a fixed rate. This is called a Construction-Permanent Loan.
Construction costs fluctuate, but you can build a modest house anywhere from $50-200 per square foot depending on what you put into it and how well you can negotiate with vendors and subcontractors. If you are not construction savvy, and you are not hiring a contractor, I seriously recommend you spend a year doing some homework. Trying to save a buck by self-contracting (owner-builder) can end up costing you in the end!
Let's say you have average credit and your cost to build is $250K. Depending on where you are, you should be able to build at least 3000 square feet with very nice interior upgrades. You can expect a mortgage after construction completion to be in the $2500/mo range +/- $250.
Good luck!
2006-12-12 10:18:25 · answer #2 · answered by CPT Jack 5 · 0⤊ 0⤋
It is really according to what area you are in. Some places you could have a huge house and it not be very much...and others it could be WAY expensive. I live down south and my house is a 1 story 3 bedroom house 1 1/2 bath. It's nice and my mortgage is 575month.
Not sure if that helps.
2006-12-12 09:47:21 · answer #3 · answered by TNL 4 · 0⤊ 0⤋
It depends..
How much is your down payment
Over 20 % No PI insurance needed
Are your taxes going to be included?
Your credit history
Points.
Percentage rate : Average % rate is 6.25 %
Average small home with 20% about $1700 in the 200-300 thousand range
Use an amortization chart to figure your mortgage .. Check the internet for one of these.
2006-12-12 09:51:47 · answer #4 · answered by That_ blue_ eyed_ Irish_ lass 6 · 0⤊ 0⤋
This is not something that any one person can tell you without knowing several things.
It depends on:
1. Your credit score
2. price of home
3. Taxes for that home in the area you are looking at
4. Insurance rates for the area. (most taxes and insurance are part of your mortgage payment. They go into an escrow account)
This all factors in when you are getting a mortgage. The higher your credit score the lower the interest rate you can get when dealing with the mortgage companies.
2006-12-12 09:51:20 · answer #5 · answered by saved_by_grace 7 · 0⤊ 0⤋
There are too many factors to give you any type of answer.
For example, at $150,000 house in Austin, TX, (where I live) would be $300,000 or more in Denver and Chicago, and $500,000 in Pheonix or Los Angeles.
Goegraphic location, current market conditions, specific neighborhood, square footage, age, floorplan, ammenities, Etc can all make a huge difference.
2006-12-12 09:52:07 · answer #6 · answered by Wundt 7 · 0⤊ 0⤋
Need more info, like what city, and province, and size of home, and the amount of the deposit. Roughly I would say for a 2000 square foot home I would think it to be about $1800 per month
2006-12-12 09:51:59 · answer #7 · answered by Anonymous · 0⤊ 0⤋
well if it already built then i would say $1200-$1300. but your looking at alot of money if you want it built from scratch. first you have to hire builders. then you have to buy the supplies( wood, doors, windows,etc). not to mention ethier buying or renting the property to build the house on.
2006-12-12 09:49:17 · answer #8 · answered by indianwoods91 2 · 0⤊ 0⤋
what is the average mortgage? a lot of things take into account with that. what is your income? your credit score? how much is the house?
2006-12-12 09:46:28 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Check out: http://homerefinance1.blogspot.com They have good information on refinancing a mortgage and more.
http://homerefinance1.blogspot.com
http://loanconsolidation1.blogspot.com
2006-12-14 09:14:27 · answer #10 · answered by Anonymous · 0⤊ 0⤋