I make about $60,000 a year and would like to purchase a home around $450,000 in NYC, what would my rate look like and my monthly payments.
2007-03-06 11:15:16 · 3 answers · asked by messiah b 2 in Business & Finance ➔ Renting & Real Estate
I wouldn't be as concerned with your rate as I would be about your debt to income ratio. Your credit score indicates either alot of debt or late payments, collections etc.
Your housing payment and all other debts shouldn't exceed about 2500-3000 per month based on your income. a 450,000 mortgage will be far above that alone.
Don't let a broker talk you into an adjustable rate, interest only or the magic loan which has payments so low that they don't even cover the monthly interest and your loan balance actually increases every month.
Find a cheaper property until it's truly affordable or you'll be eating Ramen noodles every night!
2007-03-06 13:08:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Assuming your interest rate is 7% and not including taxes, insurance, etc., your payment would be at approx. $3,000. However it is possible to get a much lower rate than that. I'm a loan officer with a mortgage lender/broker. I might be able to help you find a rate much better than 7%. Send me an e-mail and I would be glad to help you.
2007-03-06 12:06:33 · answer #2 · answered by Amber J 2 · 0⤊ 0⤋
Depending on your credit, your score could be as low as 6%
Contact me whenever possible.
513-860-2940 ext 10
msmith@premierloangroup.com
Martin Smith
2007-03-07 01:37:46 · answer #3 · answered by Martin S 1 · 0⤊ 0⤋