What is the Mortgage for a 550,000 home?
I have never lived in a home beforehand and I am just curious
Answers:
It depends on the loan.
A 30 year fix at 6.5% is $3476.37
That question cannot be answered without some more information, such as, what's the current mortgage rate for your nouns?
And also, whether or not you're required to make a down payment on it, -and if so, what percentage would call for to be put down.
Too many variables to furnish you an accurate answer. Depends upon how much you put down and the interest rate. The interest rate will depend largely on your credit score and to a much lesser extent where on earth you live in the US.
If you put down 20% and have "A+" credit (731 or better FICO) you may be capable of get a 6.625% 30-year fixed rate. The down payment would be $110,000 and the P&I return on a $440,000 mortgage would be $2,817.37. You'd also normally have to attach property taxes and homeowner's insurance to that.
The payment? That is what I am assuming you indicate. Generally you will pay (on an 8% rate) $4,036. You can use the online calculators for mortgages at http://www.bankrate.com/brm/calculators/… This payment will be pretty close UNLESS, you catch an option arm. You see it advertised by Quicken Loans as a Secure Advantage Loan. Different name, same animal. Anyway, it's not a good loan for most people, but individuals who hold drastically fluctuating incomes may find it beneficial.
Here's the way it works (just so you don't get sold on the low payment) They will describe you that you will pay 1%-3% interest rate on this 550K and that will make your payments a low $1,820. Sounds great doesn't it! Unfortunatly, your rate will in fact be 8% to 9%, or whatever you qualify for. BUT, you will pay that 1820 on the 1-3% for a few years. AFTER the first 3 to 5 years, it will completely amortize on the remainder of the occupancy. So NOW you will not have that nice payment, but a wopping $5,700 because you are paying your true rate on a shorter permanent status (by 3 to 5 years), PLUS instead of just having a 550K mortgage, you will enjoy a 600K mortgage, because your low payments at the artificially low rates was not enough to cover the interest on your true rate of 8%.
I hope this save some families.
It all depends upon the rate that you qualify for. Rate is based upon tons of information including; how much you put down on a purchase, income, monthly debt, the state you're located, and the afternoon to day real estate bazaar.
If you would like more information on programs that may be avaiable to you, find out on:
http://www.internetmortgagepro.com Source(s): I am a Senior Loan Officer
With good credit - 3500/month principal and interest, 3000/month Interest with the sole purpose
Related Questions:
Is the impending financial stimulus legislation an attempt to nationalize the home mortgage industry?
Seem like raising the cap on federally insurable mortgages and having the various gov't underwrite agencies purchase unvetted portfolios of mortgages effectively nationalizes the home mortage industry. SInce I am reading that there may be $2 trillion of doomed to...
Answers:
It depends on the loan.
A 30 year fix at 6.5% is $3476.37
That question cannot be answered without some more information, such as, what's the current mortgage rate for your nouns?
And also, whether or not you're required to make a down payment on it, -and if so, what percentage would call for to be put down.
Too many variables to furnish you an accurate answer. Depends upon how much you put down and the interest rate. The interest rate will depend largely on your credit score and to a much lesser extent where on earth you live in the US.
If you put down 20% and have "A+" credit (731 or better FICO) you may be capable of get a 6.625% 30-year fixed rate. The down payment would be $110,000 and the P&I return on a $440,000 mortgage would be $2,817.37. You'd also normally have to attach property taxes and homeowner's insurance to that.
The payment? That is what I am assuming you indicate. Generally you will pay (on an 8% rate) $4,036. You can use the online calculators for mortgages at http://www.bankrate.com/brm/calculators/… This payment will be pretty close UNLESS, you catch an option arm. You see it advertised by Quicken Loans as a Secure Advantage Loan. Different name, same animal. Anyway, it's not a good loan for most people, but individuals who hold drastically fluctuating incomes may find it beneficial.
Here's the way it works (just so you don't get sold on the low payment) They will describe you that you will pay 1%-3% interest rate on this 550K and that will make your payments a low $1,820. Sounds great doesn't it! Unfortunatly, your rate will in fact be 8% to 9%, or whatever you qualify for. BUT, you will pay that 1820 on the 1-3% for a few years. AFTER the first 3 to 5 years, it will completely amortize on the remainder of the occupancy. So NOW you will not have that nice payment, but a wopping $5,700 because you are paying your true rate on a shorter permanent status (by 3 to 5 years), PLUS instead of just having a 550K mortgage, you will enjoy a 600K mortgage, because your low payments at the artificially low rates was not enough to cover the interest on your true rate of 8%.
I hope this save some families.
It all depends upon the rate that you qualify for. Rate is based upon tons of information including; how much you put down on a purchase, income, monthly debt, the state you're located, and the afternoon to day real estate bazaar.
If you would like more information on programs that may be avaiable to you, find out on:
http://www.internetmortgagepro.com Source(s): I am a Senior Loan Officer
With good credit - 3500/month principal and interest, 3000/month Interest with the sole purpose
Related Questions:
Is the impending financial stimulus legislation an attempt to nationalize the home mortgage industry?
Seem like raising the cap on federally insurable mortgages and having the various gov't underwrite agencies purchase unvetted portfolios of mortgages effectively nationalizes the home mortage industry. SInce I am reading that there may be $2 trillion of doomed to...