2007-01-09 03:25:14 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
$70,000 @ 6.0% over 30 yrs.= $419.69
$70,000 @ 6.25% over 30 yrs.= 431.00
That is a couple of examples of a payment for you if your LTV is 80% or lower and you qualify for conforming rates. Of course you have to add the insurance and taxes to that for a full PITI payment. But, it really depends on your credit rating and the term/ length of the loan. You also have to figure in down payment if this is a purchase as single loans above 80% LTV will require mortgage insurance as well, or you could split the loan into an 80/20 to achieve 100% and avoid mortgage insurance. There are many variables involved and your best answer would be to contact someone like myself- a mortgage broker- who can gather the necessary information and give you a work up of what you qualify for.
2007-01-09 03:46:19 · answer #1 · answered by flamingojohn 4 · 0⤊ 0⤋
You can't use a loan for a down payment for a house, so your idea won't work. And no, you couldn't get an unsecured $10K loan with a big debt and no way to pay the loan back. For the mortgage, you will need 2 years in a job and credit.
2016-03-16 21:36:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
$70,000 with an average interest rate of 6% your payments for just the principle and interest would be around $400-$450. When looking into pricing make sure you consider the actual tax amounts and if doing an escrow account you would take the total tax amount divide it by 12 months and add that number to your principle and interest amount. Good luck to you!
2007-01-09 06:44:17 · answer #3 · answered by Ladybug 2 · 0⤊ 0⤋
A rule of thumb for taxes insurance interest and principal, at about 6% interest rate, your monthly payment should be just under $8 per thousand 8X70= $540
2007-01-09 04:14:47 · answer #4 · answered by Granny Boo boo 2 · 0⤊ 0⤋
You could try this website to figure out the payments on that dollar amount. There are several resources on here for house loans. Good luck!
http://www.loan.divinfo.com/
2007-01-09 03:34:09 · answer #5 · answered by Reenie 3 · 0⤊ 0⤋
usual rule of thumb is knock off a 0
so it would be around $700/monthly
that does NOt include mandatory house insurance
2007-01-09 03:36:37 · answer #6 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
Maybe it's bad
2016-07-28 07:27:02 · answer #7 · answered by ? 4 · 0⤊ 0⤋
what's the rate?
30 yr fixed?
interest only?
2007-01-09 05:39:53 · answer #8 · answered by Anonymous · 0⤊ 0⤋
depends on your interest rate and the length of the mortgage.
2007-01-09 03:29:18 · answer #9 · answered by Emily B 4 · 0⤊ 0⤋
i think it may depend upon the interest rate.
2007-01-09 03:29:28 · answer #10 · answered by summer love 3 · 0⤊ 0⤋