MORTGAGE PAYMENT QUESTION??
Hi, we have recently moved to New Jersey and are in the process of renting a place, initially for 6 months, before jumping in and buying. The house we are contemplating leasing is going to cost us $4,000 a month.
However, if we were to bite the bullet and just buy instead how much (ball park figure obviously:unsure:) would we be able to borrow on a repayment of $4,000 a month?? Thanks in advance PP |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by pickledpossum
(Post 5384366)
Hi, we have recently moved to New Jersey and are in the process of renting a place, initially for 6 months, before jumping in and buying. The house we are contemplating leasing is going to cost us $4,000 a month.
However, if we were to bite the bullet and just buy instead how much (ball park figure obviously:unsure:) would we be able to borrow on a repayment of $4,000 a month?? Thanks in advance PP $4,000 a month!!!! That's a lot for a morgage, but that is even crazier as a rent payment!!! |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by pickledpossum
(Post 5384366)
Hi, we have recently moved to New Jersey and are in the process of renting a place, initially for 6 months, before jumping in and buying. The house we are contemplating leasing is going to cost us $4,000 a month.
However, if we were to bite the bullet and just buy instead how much (ball park figure obviously:unsure:) would we be able to borrow on a repayment of $4,000 a month?? Thanks in advance PP |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Elvira
(Post 5385706)
Don't forget to factor in the property taxes... :eek:
|
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Elvira
(Post 5385706)
Don't forget to factor in the property taxes... :eek:
|
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by paddingtongreen
(Post 5385803)
And utilities if you're not paying them now, also insurance and local and county taxes.
|
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by pickledpossum
(Post 5384366)
Hi, we have recently moved to New Jersey and are in the process of renting a place, initially for 6 months, before jumping in and buying. The house we are contemplating leasing is going to cost us $4,000 a month.
However, if we were to bite the bullet and just buy instead how much (ball park figure obviously:unsure:) would we be able to borrow on a repayment of $4,000 a month?? Thanks in advance PP And from Rolands recent postings about houses in NJ, you'll need a second mortgage to pay your property taxes! |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by pickledpossum
(Post 5384366)
Hi, we have recently moved to New Jersey and are in the process of renting a place, initially for 6 months, before jumping in and buying. The house we are contemplating leasing is going to cost us $4,000 a month.
However, if we were to bite the bullet and just buy instead how much (ball park figure obviously:unsure:) would we be able to borrow on a repayment of $4,000 a month?? Thanks in advance PP |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Dan725
(Post 5386309)
On a 6% 30 year fixed mortgage, I'd say around $700,000. But thats not including mortgage insurance you'd incur if you finance more than 80%, or property taxes, repair fund, utilities........
And from Rolands recent postings about houses in NJ, you'll need a second mortgage to pay your property taxes! |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Longy
(Post 5386772)
Out of interest what are the chances of gettings 6% (or whatever is good at the moment - think it is above 6%) on a 100% mortgage with very little credit history - surely this is the sort of deal which would be considered sub-prime.
|
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Longy
(Post 5386772)
Out of interest what are the chances of gettings 6% (or whatever is good at the moment - think it is above 6%) on a 100% mortgage with very little credit history - surely this is the sort of deal which would be considered sub-prime.
You don't have to be a citizen. http://www.fha.gov/index.cfm |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by Glen Ellyn Service Crew
(Post 5385681)
A
$4,000 a month!!!! That's a lot for a morgage, but that is even crazier as a rent payment!!! |
Re: MORTGAGE PAYMENT QUESTION??
Originally Posted by paddingtongreen
(Post 5386973)
They won't give a 100% mortgage, but check into FHA, they have been pushed out of the picture recently because of price escalation and the limits on what they were allowed to lend. Those limits are being increased to meet today's prices.
You don't have to be a citizen. http://www.fha.gov/index.cfm |
Re: MORTGAGE PAYMENT QUESTION??
I would guess around 650k (Interest only).
Loan: $561K Downpayment: 25% Interest Rate: 5.875 % Monthly breakdown (First 5 years interest only): Interest: $2,744.60 Escrow (Tax and/or Insurance): $679.25 Monthly Payment Amount: $3,423.85 |
Re: MORTGAGE PAYMENT QUESTION??
This should give you an idea:
Purchase Price = $550k 20% down payment Interest Rate: 5.85% Type: Repayment mortgage Added bonus: ludicrous property taxes Monthly payment breakdown: Principal = $520 Interest = $2,400 Property taxes = $1,250 (no, really...) Total= $4,170 If you're already in the USA it may be too late, but spend a little (think it's $400) joining the AIG International Services thing and it'll pay dividends with the mortgage (through Wells Fargo) and your car insurance. I have a better mortgage deal than most of of the people I know. Had to pay a chunk of property taxes up front into the escrow account and the payment above is effectively in advance so there's enough in the pot when it's time to pay up. |
All times are GMT. The time now is 12:31 pm. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.