Read Estate - Mortgate people - jnevin! Some advice and help please

[Lestat]

For example, $650,000 at 7% over 30 years is around $4300 monthly

that helps. At the MOST i could afford like $4000 a month I think, thats taxes, mortgage, insurance, etc.

I'd be on a shoestring budget though.

 

[rnch]

90K doesn't buy shiot in SOCAL, does it?

 

[gotmilk]

that helps. At the MOST i could afford like $4000 a month I think, thats taxes, mortgage, insurance, etc.

I'd be on a shoestring budget though.

Yeah, but that number does not reflect down payment, mortgage insurance, etc. Plus, some loan brokers will not do 55% any more.

 

[miplank]

I wouldn't spread yourself too thin.


Trust me...You don't want to "live" for a house. That payment is going to be there longer than the "big new house" feeling will be.

 

[jnevin]

Yeah, but that number does not reflect down payment, mortgage insurance, etc. Plus, some loan brokers will not do 55% any more.

Plenty will. It has to be a strong file.

Lestat, if you're looking at jumbo loan amounts you'll be fucked on the rate no matter how good your credit is. There are a few portfolio lenders that will give decent rates, but they're all ARMs and a horrendous pain to deal with. $417K will give you a P&I payment of $2433. I don't know what the taxes in your area are or what your insurance would be.

 

[Dial_tone]

I would buy as much as you need, not as much as you can afford. 20-30 yrs is a long time to be eating PB&J. Leave some cushion to buy a car just in case you decide to...then take on a housemate and charge that fool 1/3...unless it's me. I'll expect the AA discount.

 

[GDF]

For a $350,000 loan, The payment is $2200 at 6.5% over 30yrs. The taxes estimated at $4500 per year is $375 per month. Home Owners Insurance will be at max $100 per month. If you buy a Condo, you will have Home Owners Association dues as well. Estimate those at $500 per month and you are well within qualifying ratios at 90k per yr with no debt. This assuming decent to excellent credit, which you should have if you have no debt. Do you know what your credit score is? I have owned my Mortgage company for over 10yrs and been in the business for 13yrs. Let me know what other questions you may have.

 

[puddlemonkey]

I would buy as much as you need, not as much as you can afford. 20-30 yrs is a long time to be eating PB&J. Leave some cushion to buy a car just in case you decide to...then take on a housemate and charge that fool 1/3...unless it's me. I'll expect the AA discount.

Thats why you bust that shit out on a 10yr loan.

 

[jnevin]

For a $350,000 loan, The payment is $2200 at 6.5% over 30yrs. The taxes estimated at $4500 per year is $375 per month. Home Owners Insurance will be at max $100 per month. If you buy a Condo, you will have Home Owners Association dues as well. Estimate those at $500 per month and you are well within qualifying ratios at 90k per yr with no debt. This assuming decent to excellent credit, which you should have if you have no debt. Do you know what your credit score is? I have owned my Mortgage company for over 10yrs and been in the business for 13yrs. Let me know what other questions you may have.

6.5% today is an assraping.

 

[miplank]

so what's a good rate for today?