I am interested in buying a house but I want to know if I can afford the payments. Right now I am renting an apartment for 700 a month.
2007-11-26 11:49:43 · 8 answers · asked by Mary 2 in Business & Finance ➔ Renting & Real Estate
About 1,100 but it all depends on the property taxes and insurance in your area.
2007-11-26 11:53:58 · answer #1 · answered by Star T 7 · 0⤊ 0⤋
That's going to depend on two things:
1) Your credit score
2) The current mortgage rates from available lenders
Depending on where you live, you can call a lender or even a local bank which does home loans and have them pull your credit and give you an idea of what your rate and monthly payment will be. You will have to give them some personal information (such as SSN, salary, debt), but they are only asking in order to best serve your needs. Explain what exactly you're looking for from the transaction.
Also, keep in mind you will most likely have to put down some money on the house (down payment), as not everyone qualifies for those "no down payment" programs.
Good luck!
2007-11-26 11:57:06 · answer #2 · answered by ChicGeek 1 · 0⤊ 0⤋
In the current mortgage and home loan market your best choice is https://vk.cc/3tWtcn the reason I say this is because things are always changing. After the 2008 real estate meltdown. Mortgage underwriting rules have been changing and they continue to make small changes all the time. It doesn't matter if you're looking for a mortgage with perfect credit and 20% down; or bad credit with low down payment; or even almost no money down type mortgage. Its going to be impossible to answer your question.
My recommendation is grab a quote from my previously mentioned place. You'll be able to see different mortgage programs and rates available to your personal financial profile. New home loan, mortgage refinance, equity lines of credit its all there. No matter the credit or down payment amount. Just let them know what you got and see whats possible from multiple top mortgage providers in the industry today.
2015-02-23 03:30:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Average House Payment For 150 000
2017-01-16 14:27:27 · answer #4 · answered by ? 4 · 0⤊ 0⤋
It depends on:
1. Your credit score
2. The type of mortgage (fixed or adjustable)
3. the term (15, 20 or 30 Years)
4. Occupancy (owner occupied or Investment)
5. Type of property
To get an approximate idea the best bet is to use an on line mortgage calculator .
Try one at http://www.calculator-rates.com/lre/index.php?sourceid=seogoolre052407mc111907ag1&gclid=CPWe1ejw-48CFQdqIgod3Uh7IQ
Don't forget that Taxes, insurance and PMI (if any) add to the monthly payment.
2007-11-26 12:40:24 · answer #5 · answered by a_khaze 2 · 0⤊ 0⤋
you first have to give the correct percentage rate of the loan before that can be figured out. don't know what 30 year mortgage rates are these days and they change constantly.
read any newspaper to see what the rates are today.
whatever you do don't take an adjustable rate mortgage. low today but goes up automatically.
THAT'S what all the hoopla is about today because people aren't able to meet the higher rate demands.
they will tell you you can do it because in the future you will be earning more money and so should be able to make those higher payments. don't fall for it. think it called adjustable rate mortgage ARM.
you need something that won't change as you go along
good luck to ya
2007-11-26 12:01:32 · answer #6 · answered by adam/penny 7 · 0⤊ 0⤋
Completely depends on how much you plan to put down and what your credit score looks like. Could vary quite drastically.
2007-11-26 12:09:56 · answer #7 · answered by Cutiepie88 2 · 0⤊ 0⤋
Was curious on the answer to this as well
2016-07-30 07:46:25 · answer #8 · answered by ? 3 · 0⤊ 0⤋