I'm looking to buy a house in Independence, MO for $145,000. The house is in foreclosure and the bank has owned it for 10 months. I have good credit, but I know nothing about buying a house. What kind of mortgage payments would I be looking at. Ball park figure.
2007-10-21 10:30:55 · 6 answers · asked by carmen 1 in Business & Finance ➔ Renting & Real Estate
The payment for a $145,000 mortgage at 7% over 30 years is about $965.00 per month. Depending on how much you put towards a down payment, you may need to add PMI to that. There will also be property taxes and home insurance to consider.
2007-10-21 10:38:27 · answer #1 · answered by klynnr_1981 4 · 0⤊ 0⤋
Hello- I am arround the corner in Blue Springs!
If you have good credit and have to finance 100% the you will most like benefit from going FHA assuming that your income will qualify.
Interest rates of 7.25% FHA right now on this home Would bring you at $990 + taxes & Insurance of about $200 knowing the area. By going FHA you won't have to worry about having to come up with more money to put down.
With about a 5 minute conversation I can give you a better estimate. This is my industry. I am a licensed Real estate broker out of Blue Springs.
Navigating a foreclosed home and putting offers in can be tricky. If you need some help you may email me at Angela@weichertshowcase.com. I would be happy to help you and you don't pay my fee- the mortgage company owning the property will pay for you to be represented. I can also direct you to reputable lenders to help you get a mortgage- I had experience with the bad ones!!
Or you can call me. My office is 816-228-5755 or direct 816-918-0641.
2007-10-21 10:55:31 · answer #2 · answered by Angela S 3 · 0⤊ 0⤋
If you've got good credit and put down 20% ($29,000) you'd be looking at P & I of $704.83 on a 30 year fixed rate note at 6.125%. Of course you'll need to add real estate taxes and homeowner's insurance to that. Figure about $166 per month for those, and that's a bit high if you're inside the city limits and have a well-rated fire department, so you should be able to put it all together for around $870 per month, give or take a few $$$.
If it's a bank-owned foreclosure they may be willing to work attractive financing terms so by all means stop in and ask what they might be willing to do.
2007-10-21 10:39:29 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
To answer your question you also need interest rate and term of the loan. Just Google: Amortization Table. There are several. You put in the numbers, loan amount, term, or payment. You can work them backwards to fit your budget. Remember interest is calculated on the remaining principle. Usually about halfway through the loan the amount is split half for interest and half for principle. the first years it is mostly interest with very little going to principle. If you take the monthly loan amount and multiply it by 12 (12 months in a year) then Multiply that sum by the term of the loan that will be you total cost that you are paying for the home. Car loans call this the deferred payment amount. (price of item + interest over the life of the loan) Please stay with banks. (NO MORTGAGE BROKERS NO INTEREST ONLY LOANS)
2007-10-21 11:01:04 · answer #4 · answered by The Answer Man 3 · 0⤊ 0⤋
We need other answers and then I will give you some:
How much money do you have for down payment and closing costs? _____ what is your income and what are your expenses? This is the kind of questions the lender will ask you unless you have 145,000 to buy the house plus closing costs? If so then you are in great, GREAT shape. So here are my answers:
2007-10-21 10:46:13 · answer #5 · answered by helprhome 5 · 0⤊ 0⤋
Go to my mortgage calculator and play with the numbers.
http://www.welcome2arizona.com/home/mortgage_calculators/mortgage_calculators.php
Terry S.
http://www.Welcome2Arizona.com
2007-10-21 10:50:57 · answer #6 · answered by Terry S 5 · 0⤊ 0⤋