Those Mortgage Calculators don't really give me "real life" results!
2007-11-01 05:35:40 · 8 answers · asked by hiddengem 4 in Business & Finance ➔ Personal Finance
If you have saved enough for at least a 10% downpayment, and your credit card debt is not out of control, I think you can get a mortgage. Good luck.
2007-11-01 05:41:05 · answer #1 · answered by redwine 6 · 0⤊ 1⤋
Usually, it is not a good idea to base the amount of home you should buy on what the bank is willing to give you. To know what the bank is likely to do, take your gross monthly income and divide by 3--I came up with $1250. That is the max payment that a normal bank is likely to approve you for. Unfortunately, the payments on a $260,000 loan at 6% are in excess of $1550 (that's just principal/interest). If you try really hard by checking multiple lenders, and you don't have ANY other debt, you may be able to get a loan for that, but you will probably be sorry you did. You are likely to become one of the thousands of Americans that are going into foreclosure right now.
2007-11-01 05:47:11 · answer #2 · answered by fnipohc 2 · 0⤊ 0⤋
I would say probably not. The answer is simple. Banks don't like total debt or housing costs to rise above a certain fraction of your net income. Your gross monthly income is around 3,750. After taxes, I would estimate it's around $2,400. A mortgage this large would probably have a payment from $1,600 to $1,800 per month. Add property taxes and insurance to that and you're up around $2,300 I'd imagine. Not including utilities, your total housing cost would be about 80% of your pay. Whether or not you are approved for it, you can't afford it.
2007-11-01 05:45:01 · answer #3 · answered by Jay P 7 · 0⤊ 0⤋
Can you really afford a $1700 mortgage on that salary?
You must not have any other bills...
2007-11-01 05:39:16 · answer #4 · answered by iamtooproud 5 · 0⤊ 0⤋
No, take your salary, multiply by 3. That's how much house you can afford or $135,000. Unless you're going to put down 50% or more.
2007-11-01 05:39:39 · answer #5 · answered by Phurface 6 · 3⤊ 0⤋
I would think so, it's depending on your bank.
But your good credit will help you a lot.
Call the creditor to be sure.
2007-11-01 05:41:11 · answer #6 · answered by Ann 2 · 0⤊ 1⤋
yes. the mtg may be high though.
2007-11-01 06:34:19 · answer #7 · answered by sunshine 3 · 0⤊ 0⤋
No.
2007-11-01 08:03:08 · answer #8 · answered by Anonymous · 0⤊ 2⤋