February 2, 201214 yr Anyone on here in the mortgage business that would be able to give me a ballpark mortgage figure based on some numbers I have? Any help would be greatly appreciated. PM me if you can help. Thanks! :thumb:
February 2, 201214 yr Anyone on here in the mortgage business that would be able to give me a ballpark mortgage figure based on some numbers I have? Any help would be greatly appreciated. PM me if you can help. Thanks! :thumb: Check with Q. He's in the biz. Plenty of mortgage calculators out there just to get a rough estimate. Do you know your credit score?
February 2, 201214 yr Author Check with Q. He's in the biz. Plenty of mortgage calculators out there just to get a rough estimate. Do you know your credit score? Yep. I'm pre-approved for much more than I can afford, and have used a few of those, but they never seem to factor in taxes, insurance, etc.
February 2, 201214 yr Send me a PM on what you are looking to do. Purchase? Refinance? On Monday the rates were the lowest they have been in the 11 yrs I have been in the business but they ticked up a little on Tuesday. Today at my place of business you can get the following. Purchase Pricing 30 yr fixed- 3.75% 20 yr fixed- 3.375% 15 yr fixed- 3% Refinance 30 yr fixed- 3.875% 20 yr fixed- 3.5% 15 yr fixed- 3.125% They are sickly low right now. If you havent considered it you need to now!!!
February 2, 201214 yr Yep. I'm pre-approved for much more than I can afford, and have used a few of those, but they never seem to factor in taxes, insurance, etc. Dont forget to factor in maintenance on the home which I would say between $5000- $8000 a year or $400-$600 a month. This is just for your own personal figuring.
February 2, 201214 yr Dont forget to factor in maintenance on the home which I would say between $5000- $8000 a year or $400-$600 a month. This is just for your own personal figuring. What are you calling "maintenance?"
February 2, 201214 yr What are you calling "maintenance?" A pipe bursts, your basement floods, your dishwasher blows, you need to call an electrician, etc etc. I see many people living in $400K homes and everything inside is going to pot because they are house poor and cant afford to get things fixed when they break. Just a rule of thumb I use.
February 2, 201214 yr A pipe bursts, your basement floods, your dishwasher blows, you need to call an electrician, etc etc. I see many people living in $400K homes and everything inside is going to pot because they are house poor and cant afford to get things fixed when they break. Just a rule of thumb I use. Gotcha. Good to take that into consideration . My house is about 22 years old. I've lived here about 12 of those. I've put on a new roof, new furnace, new central air, had the outside painted, new garage doors, new roof, landscaping. While I'd argue your numbers are high the fact that there are other large costs is good advice.
February 2, 201214 yr Author Send me a PM on what you are looking to do. Purchase? Refinance? On Monday the rates were the lowest they have been in the 11 yrs I have been in the business but they ticked up a little on Tuesday. Today at my place of business you can get the following. Purchase Pricing 30 yr fixed- 3.75% 20 yr fixed- 3.375% 15 yr fixed- 3% Refinance 30 yr fixed- 3.875% 20 yr fixed- 3.5% 15 yr fixed- 3.125% They are sickly low right now. If you havent considered it you need to now!!! Tried to send you a PM, but your mailbox is full.
February 2, 201214 yr Gotcha. Good to take that into consideration . My house is about 22 years old. I've lived here about 12 of those. I've put on a new roof, new furnace, new central air, had the outside painted, new garage doors, new roof, landscaping. While I'd argue your numbers are high the fact that there are other large costs is good advice. I guess it depends on the value of your home and costs to replace the roof, fix the toilet, etc. I may be a little high on the savings monthly but its good to have those reserves instead of putting off the dishwasher repair and making your wife do the dishes every night. LOL
February 2, 201214 yr Used to be 20%. Correct. However, if you choose Lender Paid Mortgage Insurance, you can avoid the monthly PMI charge and just take a slightly higher interest rate. When rates are very low like they are now I suggest you atleast explore what you can get for like 15% down or 10% down on a Conventional mortgage. FHA programs allow you to only put down 3.5% but the monthly PMI premiums are pretty high. Its all about what you can do as far as a down payment and what you cant. The rates are very low for FHA as well right now. FHA- 30 yr rate- 3.99%
February 2, 201214 yr Send me a PM on what you are looking to do. Purchase? Refinance? On Monday the rates were the lowest they have been in the 11 yrs I have been in the business but they ticked up a little on Tuesday. Today at my place of business you can get the following. Purchase Pricing 30 yr fixed- 3.75% 20 yr fixed- 3.375% 15 yr fixed- 3% Refinance 30 yr fixed- 3.875% 20 yr fixed- 3.5% 15 yr fixed- 3.125% They are sickly low right now. If you havent considered it you need to now!!! What are your closing costs? We refinances in April. Would we be able to do it again? We're at 4.25% on a 15-year note. Could I get a lower rate if I went to 10 years?
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