What is mo. payment for 450000 mrtgage zero down?

Question

We both make combined 8,000 monthly, with credit scores in 700's. Hoping to get lowest rate, lowest monthly payments, and no $ out of pocket. What is the best loan for this? Thanks!

we live in SoCal, thinking interest only to get lowest monthly

Answer 1

You have a awsome score, and alot of answers to your ?'s - You mentioned interest only. Why not go with the payment option? YOU have a payment option of 4 payment terms monthly. From interest only, to a 30 year fixed. Just make sure you do not always do the 1/2 payment, since that will get you into a reverse mortgage and it will eat away any future equity. I/O (interest only) does not pay down your principle but the payments are more managable.

450,000 at 6.00 is 2250.00 I/O
450,000 at 6.00 is 2697.98 Principle and Interes

On a I/O you do have the option of sending money toward the principle if you choose to. Make sure with the lender you go with about that. But most will do it.

The above does not have taxes and insurance in the payment.

If you do not have money toward closing cost, in the purchase agreement have the seller help with closing cost help.

Also, Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). This will tell you the up-front closing cost (etc) associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Cost associated with your loan. You will need to pay for the appraisal up front (when it being done). You will need to pay for The Home Owners Insurance Coverage for 1 YEAR . The seller can help you with up to 6 percent of closing cost (with this size of a loan, you would not need 6 percent) In other states 6 percent is the allowed percent. So the title fee, lender fees, underwriting fees, flood cert, etc can be paid for by the seller.

Answer 2

Find a local mortgage broker which you have trust via a referral. Contact someone you know who does title work, appraisals or is a Realtor and they can guide you. THEN SHOP!!!! Don't just go to Quicken Loans or abcloans.com - you've got decent income (depending on other debts) and good to great FICOs. This will help you get a loan, but make sure you can truly afford it.

If you've got a ton of cash, but just don't want to put any down, I think you are ok. If you are thinking that, what the heck, we'll get by somehow, I think you are reaching. 100% loans, REGARDLESS of credit score are going to be higher interest rate. 80/20 may work best, just depends on you particular scenario.

Also, make sure you REALLY look at your potential income. If 8k a month is a beginning for you (not your max) then stretching may make sense. If you are in position where you are unlikely to see significant income growth or bonuses, tread lightly. What happens if one of you loses your job, etc.?

Sounds like you have been making good decisions to date. Continue to do your homework and ask questions.

Best of luck and feel free to e-mail me if you have any further questions.

Joe...

Answer 3

About 3000 plus taxes and insurance. All together (best guess), 3800 per month. If you're not putting anything down, you'll have a high loan to value rate which means that you'll probably have to take whatever the lender offers in the way of loan terms. Preferably, you can get a fixed mortgage at around 7 percent.

Answer 4

There are many factors besides your FICO scores. What finance companies are in your town? Can you select your finance company or do you have to use the one that they have establish a relationship with to get a low rate? How many years are you going to stretch your payments over?

If you select a 30 years mortage for $450,000 @ 5.75% = $2626.08 per month; 6.75% = $2918.69.

Think of all of the interest you will be paying with no money down???

Answer 5

IF your interest rate is 6.5
IF your loan amount is $460,000 ( no out of pocket $=10K)
IF your length of loan is 30yrs

Your monthly Principle and Interest payment would be

2,907.51


The best loan for this is whatever you can get that you are happy with. You want a 30yr fixed rate.

Answer 6

The monthly payment depends on the amount borrowed (450,000), the interest rate, and the number of payments. Unless you know all three, you can not calculate the monthly payment.

Answer 7

2200 -2600 month with a 30 yr @ 5.74 % using an amortization table or mortgage calculator

Have you tried contacting Quicken Loans. We have dealt with them and they have been just great and would use them again for our next mortgage. They will give you the best way to go. We actually got better rate then our bank! Our contact person was Brent LaSage

We got an interest only loan --Smart loan
Good way to go.

Answer 8

no longer anymore, it extremely is stricter at present and extraordinarily a lot economic enterprise do no longer desire to get caught with the living house in case you won't be able to pay. Having a down charge like the conventional 20% of the cost of the living house provides them a buffer for the fluctuation. you're able to discover an proprietor financed living house.

Answer 9

On a 30yr Fixed, as low as $2662/ month.

What state R U in?

Answer 10

More details needed