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mortgage payments


shan2themax
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I have an offer of 6.5%, 105% ltv and the payments would be around 500 (piti) monthly on a 55500 loan, to me that sounds a little high.. but there also are is no down payment and what closing costs arent covered by the owner are mixed into my loan also... my mid fico as of the 12th of may was 634. Does this sound like a high monthly for a 6.5% 30 year fixed?

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No. That is not high. With that credit score, you will only get a min of 6.5% rate. Now that is still a prime loan. I have the same score and am having a home built for $68,000 with 110% financing @ 6.5% on a RDA loan. The closing cost and down payment will run me $4,000 so total loan will be $72,000. My est payments are $475 mo(P&I only) for 30 yrs. Consider yourself lucky that your mortgage broker didn't try to stick you with a subprime lender at 8 to 10%.

Note: Do NOT forget about your property taxes and insurance!!!!!! If you don't take those into consideration, you will quickly find yourself in a home you THOUGHT you could afford and then find yourself in forclosure. Contact your local county appraisal district in which county your new house is located in and find out what the property taxes are on your house at APPRAISED VALUE. If they tell you that the taxes are say $2000 yr then divide that by 12 and that monthly tax is added to your house payment. Then there is homeowner's insurance. Call around and get quotes from your local insurance agencys. They will ask you questions about the home that you must answer. Get the lowest quote you can and then figure on adding that to you house payment aswell. DO NOT let them stick you with PMI (Private Mortgage Insurance). They tried that with me and told me that my insurance cost was $75 mo. I called my insurace agent that I have on my car and got it for $39 mo. Also look into getting the home Homesteaded which will give you discounts on the taxes and other benefits.

Now take my $475 mo house payment and add $167 mo for taxes and $39 for insurance and my TOTAL house payment is $681 month.

I was told by my mortgage broker that a good rule of thumb is to figure on paying $100 month for every $10,000 you borrow.

Hope this info helps you.

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I had already called about the taxes. they are only 670 a year, for a tax assesors value of 62,350. I am not paying MI. I dont have a clue about the homeowners insurance though... what types of questions do they ask you? It will be Wednesday before I can call and ask about the HOI. I work 12-14 hours a day M and T.

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They ask you questions like what year was it built? What the address of the house is? What type of roof does it have? What type of siding does it have? ect..

thanks a bunch..... you have been helpful... I know that trying to use mortgage calculators just doesnt work... they are never close to the actual payment it doesnt seem

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