NLIC.org

Wayne Said:

Home loan interest rate - was I quoted wrong?

We Answered:

go to another lender..

your payment on $73,000 at 6.25 is $445.69

it is "illegal" for lenders not to disclose your "APR"
and that is a huge difference..it is usually only
and this is an ap....2% of the loan added to the $73,000
making your monthly payments ap. $457.00

so in other words....if you don't like what this lender is saying about the "APR" do not sign...
get another lender..
$908 for a monthly payment is on a $148,000 home at 6.25%

get another lender.........."Citi bank" and "Bank of America" are actively looking for new clients and if you get a referral card for "Bank of America" you get money back..

Clara Said:

Is this mortgage calculator accurate???

We Answered:

Great question!
1. Defiantly take into account for Closing Costs.
(If Purchasing: A Home)
When making your contract with the seller or with a trusted Realtor; request a 6% seller concession,
and that will assistance a huge part of your closing costs, if not all.
Example:
Home cost: 250K
Seller pays 6% towards closing = $15,000 paid for by the seller at closing...
2. Yes, as far as the 80/20...Mortgage Calculators give you a somewhat fair idea of what the payment will be or an estimated average rate for a second mortgage. But it all depends on where you are with your credit rating, how much the second mortgage is, etc...
3. I would give the Mortgage Calculators a 6 out of a 10 on reliability...Definitely talk to a Loan Officer and get exact figures...
Most banks and lenders give a Free Application.


I hope this was helpful!

Regards,
FinanceYourWay.com

Joshua Said:

If you have a credit score of 750, what kind of interest for home?

We Answered:

you should qualify for the lowest rate

Bonnie Said:

I need to purchase a home, are the mortgadge caculators accurate?

We Answered:

Not possible! 50 year, zero down, 7% with damaged credit? Not even last year when they were giving money away like chicklets. Save your money for a down payment and fix your credit. Plain and simple. don't believe anything else ... you are not ready to own a house yet.

Ohh, and besides, $33,000 per year cannot possibly qualify for (nor afford even if by some creative program you could qualify) a $1780 payment.

The industry needs a bit of tough love these days.

Stella Said:

how much do you pay for your home mortgage?

We Answered:

The assumptions will change and they can really, drastically affect the mortgage payment. You have to know if they are estimating taxes and insurance or not.

Your loan of 122,000 will have principal and interest payments of $751 (for a 30 year fixed loan at 6.25% interest).

At 4% interest (not saying you can find it, just for the difference in payment) the payment would be $582. At 9% interest that loan would be $982 per month.

Taxes. Taxes can run anywhere from 0.5% of the value per year up to 4% of the value per year. It could range from $508 per year ($60 a month) up to $4880 per year or $410 per month! Insurance, depending upon where you are, could also have a huge range from a few hundred a year to a few thousand.

Then, if you don't put down 20%, you'll have PMI (private mortgage insurance) which could add up to another $200 a month onto your loan payment.

It is confusing and depending on what is included in the calculation, it will look very different.

good luck!

my loan is for $260,000. I pay $1500 a month at 5.5% interest and pay my taxes and insurance on my own (they are not included in the $1500).