I am soon to want to buy a house with my fiance and we want to know some ideas of what a mortgage will be. Any variety of answers are welcome. Thanks in advance for all of your input!
2007-06-18 02:40:44 · 7 answers · asked by guitar_girl1988 2 in Business & Finance ➔ Renting & Real Estate
A good realtor will be your best choice of determining how much you can afford. Alot of it will have to do with where you live. For example we live in southern Idaho in a small, rural community. Housing prices range from $50,000 to $250,000 depending upon how big the house is, how much land, if any, is with it, if it's near the river, in town or in the country. Our house is a small 3 bdrm, 1 bath w/detached garage, on a corner lot and a large backyard. We paid $43,500 w/ a 6.2% interest rate. Our payments are $335 per month including taxes and insurance. This was 8 yrs. ago. Our house has increased in value since then. These are all of the variables that a good realtor will be able to help you with.
2007-06-18 02:55:30 · answer #1 · answered by Coop's Wife 5 · 0⤊ 0⤋
Loaded question. Depends on your amount down and the price of the house. If its less than 20% count on paying mortgage insurance. If you live in a state with no state income tax check the property taxes in the area you want buy. They can dramatically affect the monthly payment. Then there's your interest rate which can vary but overall they are still very low. Finally what kind of mortgage, a 10 year or 30yr? Lots of variables.
You need to talk to a mortgage broker really.
2007-06-18 02:49:24 · answer #2 · answered by pitboss 4 · 0⤊ 0⤋
Depending on the amount that you take out and what your credit score is like will determine how much your monthly payments are.
Go to any website for lending...Google it, mortgage rates
and see there.
If you are planning on buying a home, 1st see if you even qualify for a mortgage/loan.
Many people go to see a house, fall in love with it, only to find out that they do not qualify for a mortgage.
Our payments are $700. Three bedroom house, living room, eat in kitchen, two full baths, den, deck, pool. North Carolina state. We left NY because it was getting way too high to live there.
Good luck!
2007-06-18 02:47:30 · answer #3 · answered by Mom of 2 great boys 7 · 0⤊ 0⤋
Most bank online sites have calculators to estimate your mortgage. I'm also in the process of buying and my estimated mortgage will be high, but the purchase will take place in NYC. This is an area were one br rentals are priced over $1000 per month and thats a small one br.
2007-06-18 02:44:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
25% of your gross is a good rule of thumb when shopping.
rates are hiking up a bit. Watch your property taxes and insurance when doing your calculations.
You'll spend about $700 monthly for every $100000 you borrow, at 7% , for mortgage principal and interest.
Mortgage companies are pretty creative with flexible rates, and if you are going to stay in one place, avoid the adjustable rates. Call me conservative.
You don't want to know mine, as it's unrealistically low for a new home buyer, taxes are fixed rate in california, and my house is worth 4 times what I paid for it. I couldn't afford to buy my house today.
2007-06-18 02:49:03 · answer #5 · answered by pops 6 · 0⤊ 0⤋
If you are just looking for a payment calculator, feel free to use the one on our site at http://www.achievablemortgages.com
Just go to tools and click on payment calculator. For more in depth prequalification, you will want to consult a Mortgage Professional in your area.
2007-06-18 05:29:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Mine is $360 per month. 2 bedroom, eat-in kitchen, livingroom, 1 bath, attached garage, basement, enclosed porch-workroom. We are in Northwest Ohio.
2007-06-18 02:50:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋