I'm talking about New York.... how can i find out exactly much i would need for down payment on a house and how much i would pay monthly for a mortgage and stuff!? So for those of you that have bought houses before can you give me the step by step process?
2007-08-23 07:34:43 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The more you can put down the lower your interest rates usually are, and the less PMI you will have to pay. Try to put 20% down. You will have to shop for interest rates, but expect to pay around 6.5-7% if you have good credit.
2007-08-23 07:39:01 · answer #1 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
Depends on where in New York you want to live. Check real estate listings in your area to get an idea of how big of house you can get for how much money.
Most people pay 10-20% of the total cost of the house as a down payment. The rest of the money you borrow from a bank - that's your mortgage, and the bank charges anywhere from 5-7%. There are all sorts of "closing costs" that are involved, and this can add up to several more percentage points of the total cost.
It gets insanely complicated, so I strongly recommend doing some reading before you make any decisions or get tricked into any bad decisions. Check your local library or bookstore for the "Dummies" or "Complete Idiot's Guide" to Homebuying.
2007-08-23 07:45:33 · answer #2 · answered by teresathegreat 7 · 0⤊ 0⤋
To find lending rates, you can call your local bank or go on www.bankrate.com for State averages. Your downpayment can be as much as you want. If you pay 20% or more, generally you don't have to pay PMI which is insurance for the lender in the event you default. In addition to downpayment, you will have Closing Costs which will include attorney fees, survey, loan origination fees, taxes, insurance, etc. The closing costs can be 3-6 thousand dollars. In am currently closing on my third house and the rate is 6.125% Fixed for 15 Years in NC.
The first step would be to talk to a lending company and see what you can qualify for.
2007-08-23 07:45:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2007-08-26 05:31:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Call any bank and ask for a mortgage loan officer. Unless you want to be more specific here, they will give you free advice all day long for a shot at your business in the future.
2007-08-23 08:17:26 · answer #5 · answered by ? 4 · 0⤊ 0⤋