I bought a home for 203000, Put $30000 down, My mortgage amount is $1020.70/ month at 5.87%, is it other
Answers:
I think its a good deal.Just because the monthly payoff averages about 1 percent of the total amount the house is worth up about 100,000.(So 203000-30000=173000).So one percent here is just about $1700 a month.But houses in the $200,000 range and above do not follow the !% rule ,they back up being less than 1%.So I touch like your payment is dutiful
for the price of the house. Source(s): read it somewhere,maybe a real estate course.
My home is being built and will be completed end of june. Price is 220,000. I enjoy got a 30 year fixed at 4% for 180k and a 40k second mortgage for 3%. The second mortgage is simple interest (not compounded) and its a silent second which means i dont enjoy monthly payments on it and i dont have to pay anything until i market the house if i dont want to. I also do not have to pay mortgage insurance because the first loan is 80% LTV. Im also getting 3% towards closing costs from the builder, plus up to another 3% that can be used towards closing costs or downpayment from another loan program. My first mortgage will be 859 per month and if i prefer to pay on my second mortgage it would be about 150 per month (more or smaller number if i wanted to pay it sour in 30 years)
So my 220k mortgage is about 1009 per month verse your 173k mortgage which is 1020.70 per month. So you are paying 10 bucks more than me, for 50,000 dollars less on your mortgage. I would have to utter that you do not have a good deal, you hold an average deal.
I have other and believe it or not, before they changed the program, people be getting 30 year fixed at 3% for the whole loan a few years ago. So some people are getting a better promise than me!
I've seen other programs where the city will wages for 100k of your house and as long as you stay in it for 10 years, you dont have to foot that money back. ( I think contained by fairfield, CA they had a program where it be 150k they would give you) So you have an average mortgage although it would be considered other compared to people who got mortgages surrounded by the 1980s.
Can you afford the money? Yes? Then it is a good deal.
We're puchasing right in a minute...ours is $207000 with $0 down at 5.9% for 30 months...it's about $1450 a month. With your downpayment, it is in your favour you a considerable amount each month. Yes, a good deal!
Yes, anything under 7% is good, your interest at 5.87 is pretty biddable.. Source(s): I work for a mortgage company!!
a little to in arrears to be asking now since you already did the deed.
However, yes, it looks honest, assuming that it was a 30 year fixed rate at 5.87%
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