As a singel person, with not too much credit history...places in Nob Hill, Pacific heighs are going from around 800 000, how much would I have to pay per month about??? Is this good time to buy? Are there areas near these ones that would bee more worh my money? THANKS
2007-01-27 02:01:35 · 4 answers · asked by kerry_auret 1 in Business & Finance ➔ Renting & Real Estate
The mortgage caculation is easy to do. Don't forget to add property taxes, association fees, maintenance fees (some row houses in SF may act like condo associations), insurace, maintenance, etc.
Good luck.
2007-02-03 21:24:31 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
The best thing to do is go to www.tlgbanking.com and view the home buying process on the left hand side. The most important thing for you to decide is not take on more than you can chew. A 4,000 mortgage payment can be high or low depending on your income. If you want to be honest with yoourself take out a pen a paper and do the math the easy way. Write down your debts and monthly bills on one side and then take your income before taxes and see if you realistcally handle the poayments. This know as the debt to income calcualtion. If you income is twice the amount or greater then the debt then congratualtions you can afford a home. Others ways to make this more affrordable would be rent out a portion of the house to ease your mortgage payments, alos consider going with 40 or 50 yr payback on a loan rather than a 30, and also you might want to have a realtor find a house that is just as nice as the lyou like but in a more affordable area would be much better for you. Good luck and Hopefully I can put you in a much better fianancial position. Call 877-TLG-6700 and ask for Scott
2007-02-04 01:04:01 · answer #2 · answered by tlgbanking 1 · 0⤊ 0⤋
figure interest only loan at roughly $5 per $1,000 borrowed. Market is way off its high in the last 12 months an dshould pick up in spring. Could be a really good time to buy
try www.blueoakmortgage.com for a local lender ask for Javier
2007-02-04 09:48:41 · answer #3 · answered by Homeseeker 1 · 0⤊ 0⤋
They say that it is a buyer's market right now, but I think prices are going to continue to fall for the next 6 to 12 months.
You can find payment calculators online to figure out what kind of payment you can expect.
http://ray.met.fsu.edu/~bret/amortize.html
If you're buying a $800,000 home and you put 10% down, you'll have to get a loan of $720,000. If you get a fully amortizing, 30 year loan at about 7.50% (prime minus 0.75%) your payment will be about $5,034.34.
Areas in the east bay area are much cheaper than in the city.
2007-02-02 13:21:40 · answer #4 · answered by Marcus 3 · 0⤊ 0⤋