23 Male, 35,360/Year salary. 740 credit score. I have a Truck payment of $250 and owe $8300 on it. No other debts. I'd like to buy a $140K home but I'm not sure if i will be able to. Thanks for your help!What is the max mortgage i could get?
You would probably be able to afford 140K. I think that maybe if you could find something around 110-115 you would be better off. That way you could save more for retirement. You are definitely in a great position though. Oh, also, if you see a house that is 140k, offer 115k or so. If you are in an area that the market has been in a slump, it will work in your advantage because you will be able to get more house with less money. You should start talking with a realtor as well, if you haven't already. Good luck!What is the max mortgage i could get?
If you could establish that you are able to make a certain payment each month of say $950 for your $130,000 (with 10% down) mortgage at 5.5%. In this case, your amortization period will be just under 18 years. Or you could tell your broker that you鈥檇 like to be mortgage-free in just 10 years. With an amortization period of 10 years at the same interest rate, your $130,000 mortgage will cost you about $1,407 per month. That鈥檚 a tougher monthly payment, but you would save thousands of dollars in interest. (More than $35,000, in fact.)
Try reducing your cost by getting a home buying grant here:
http://www.homesteadclt.org/pdf/HCLTAdvI鈥?/a>
No comments:
Post a Comment