WHAT IS A GOOD AMOUNT TO GIVE FOR A DECENT MONTHLY MORGAGE?
2007-09-05 06:55:50 · 8 answers · asked by riggie 1 in Business & Finance ➔ Renting & Real Estate
First off, cheers for putting SOMETHING down! That's puts you ahead of some buyers already.
Now, how much you put down depends on a lot of other info: you need to decide what type of program you want.
What I'd strongly recommend is that you meet with a mortgage broker. Ask around and see if your friends or family have used one that they would recommend. Then talk with the broker about your goals and plans with this mortgage. The broker will help you decide how much you need to put down to achieve both your short and long term goals.
In today's mortgage market, there are no easy answers: every loan scenatio is on a case-by-case basis and every quote must be taylored to each borrower. What works for my loan may be totally different for your loan. Find a broker you can trust and explore your options.
2007-09-05 07:33:47 · answer #1 · answered by Chris 6 · 0⤊ 0⤋
There is too much open ground to be able to adequately answer this question...
What is your annual income? What are your total other debts? What is a "DECENT MONTHLY MORTGAGE"?
In general, the way to go is to put 20% down on your house. That means that your mortgage will be for 80% of the total value of the home.
Many mortgage companies today are offering zero down loans, but that is usually a very bad idea. It makes it too hard to gain any equity in your home.
Stick with 20% down, and that will also do good to tell you how much house you can afford to buy.
2007-09-05 07:06:50 · answer #2 · answered by j c 4 · 0⤊ 0⤋
truly the down charge relies upon on the lender. Primeric is acceptable on the FHA very own loan being 3.5%. i think of the down charge varies, a proprietor finance would be distinctive than FHA, VA, or customary very own loan. the shopper will pay for an inspection. the seller will pay the realistate fee the seller will pay last fee the seller will pay for the identify coverage plans the shopper will pay the coverage. The taxes are prorated between the seller and client. the seller will pay for the land survey The down charge will variety, I paid 10 % down while i offered my domicile. some residences sell without down charge.
2016-10-10 00:26:35 · answer #3 · answered by annadiana 4 · 0⤊ 0⤋
Since homes in LA go for 600k to 5 mil and more, I'm going to assume you are looking in the lower bracket say 600k-1 mil . 20% down is always good; this cuts down on what you'll pay per month, depending on what kind of loan you get. This would amount to approx. $3360 or more per month, again, depending on your loan, and also if you will be including your property taxes and home insurance in your payments. Hope this helps :)
2007-09-05 07:57:02 · answer #4 · answered by J k 3 · 0⤊ 0⤋
Probably around 20%, recently it was possibly to get 100% financing but that has become increasingly difficult
2007-09-05 07:05:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
20%
2007-09-05 07:03:50 · answer #6 · answered by Bostonian In MO 7 · 1⤊ 0⤋
10%...only because you could buy a house for the 20% you would put down anywhere else in the country...LA is over priced...I know...I live in Pasadena.
2007-09-05 07:03:49 · answer #7 · answered by Johnny A 5 · 0⤊ 0⤋
to get the best loans you will need to put down at least 20%.
2007-09-05 07:04:19 · answer #8 · answered by czwtrpolo2 2 · 1⤊ 0⤋