Cost Of Mortgage

Francis Said:

how much does your rent or mortgage cost you every month and what type of home do you live in.?

We Answered:

TX. 1816 sq ft. 3 bed 2 bath 1 story cul-de-sac home. $1275 a month, but that includes mortgage, tax, insurance.

Leo Said:

What is a typical income requirement for a mortgage? 4x? Also, no initial cost mortgages, worth it?

We Answered:

Banks you GROSS income per month.

They use ratios. They will do up to 32-36% of gross income for a total mortgage payment (principle, interest, taxes, insurance and PMI (if less then 20% down).

HOWEVER!!!!!! I would recommend never to go over 25% of gross income.

Clifton Said:

how much does a 130k mortgage cost each month?

We Answered:

30 year fix now is 6.35%, with fee, the final rate would be 6.85%.
if you have 20% down, then your loan amount is $104K. your monthly mortgage payment would be $650. Try to avoid adjustable or option loans, because 30 years fix has really really really good rate, almost lowest in 40 years.

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

This article gives you tips on negotiation:
http://biz.yahoo.com/brn/060909/19463.ht…

Articles about current market:
http://money.cnn.com/2006/09/25/news/eco…

Brian Said:

How much does it cost to buy mortgage leads from Lending Tree?

We Answered:

yea they're usually stingy about stating their prices... ive never liked using them. I have heard good things about the place lniked below.

Daniel Said:

Does anybody know how much a £45,000 mortgage should cost?

We Answered:

Have a look at this, should give you a good idea. As long as you have the capital in your home, and your income is sufficient there shouldn't be a problem.

Leroy Said:

What does 'WAN' mean when related to mortgage lending regulatory compliance?

We Answered:

The only thing I could think of would be "Wide Area Network" ... =P

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