2007-09-04 10:11:50 · 7 answers · asked by timmyocean 3 in Business & Finance ➔ Renting & Real Estate
well how much are you putting down?
how much monthly debts do you have?
what type of home are you looking for? condo, sfr
type of product? 30yr fixed, 20yr fixed, etc
are you self employed or salaried?
2007-09-04 11:01:46 · answer #1 · answered by Anonymous · 0⤊ 1⤋
The easy answer: you have options.
The problem is we don't have enough info to tell you what your rates or terms would be. In this market every mortgage "quote" has to be taylored to each borrower - I'd need a lot more info to tell you exactly what I could do for you.
Here's a good start though: find a pre-qual calculator to get you started. There are a lot out there, but here's a link to the one on my web site:
http://www.mysecpacloan.com/MortgageQualifierCalc
The main thing you are going to want is a broker or bank you can trust. I'd recomend talking to people you know who own a house: not to find out what rate they have, but to see how they liked the mortgage rep they worked with. If you get some good reviews, schedule a meeting with a few just to talk about your goals and get a feel for how they would be to work with. Once you find one you like, fill out an application and you are off!
Good luck in your first home! Just use a little caution and make sure you ask a lot of questions, and I'm sure you will love being a homeowner! :)
2007-09-04 11:22:04 · answer #2 · answered by Chris 6 · 0⤊ 0⤋
The generally accepted multiple to use for the value of the home you are buying is 3 times your salary. So, it is assumed that you can buy a home valued at $186,000.
Bank terms for mortgages vary, and right now are kind of tight. You need to shop around. First time buyer can probably get a mortgage with 10%-20% down. Not long ago, before the so-called credit crunch, you could get a mortgage with 5% down, or in some rare cases with no money down.
2007-09-04 10:22:24 · answer #3 · answered by Anonymous · 0⤊ 0⤋
well the program you want is a fixed rate product to begin with you could qualify easily but stay wwithin a budget if you want to get a goodidea of how much you could qualify for go to the site below and the calculator should help you you want to use the LOAN QUALIFIER this will give you a very close idea of your price range. you could posibly get under 6% with good credit. be careful of brokers here is my pick gave me the best rate!
2007-09-04 11:16:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
What type?
With good credit you should qualify for Conventional or FHA.
Do you have good reserves? <= Money set aside for emergencies?
Your question is vague, so I don't know what else you really want to know.
2007-09-04 10:26:12 · answer #5 · answered by DallasLoanGuy 2 · 0⤊ 0⤋
about 2700 mo which is prob a 500k home
somple solution is to divide your take-home pay x 2 and deduct your monthly bills from that not counting your present house pymt.
2007-09-04 10:19:35 · answer #6 · answered by ticketoride04 5 · 0⤊ 2⤋
Fixed rate in the sixes, other than that, depends on your down payment and how much you want to borrow...
2007-09-04 10:21:04 · answer #7 · answered by Sophie B 7 · 0⤊ 2⤋