Are these numbers suitable for a 30yr, fixed, conforming/conventional mortgage loan?
Price of home: 159,470
PMI: yes
Interest Rate: 6.5 -> builder offered free point to buy down to 6.375
Estimated Prepaids: 1,584
Estimated Closing Costs: 3,793
Total Costs: 164,847
--------------------------------------…
Good Faith deposit already put down: 1,500
Lender Credit: 175
Paid by Seller: 1,595 (interest rate point)
--------------------------------------…
Total Loan Ammount: 159,470
Total Settlement Cost: 2,112
--------------------------------------…
Payment schedule:
no. of pymnts: 120 Principle & inter & PMI : 1,123.80
no. of pymnts: 35 Principle & inter & PMI: 1,021.47
no. of pymnts: 205 Principle & inter: 994.89
--------------------------------------…
Notes:
I didn't have plenty down payment (20%) to get out of PMI because i not long spent 15k to get totally out of debt (paid off sports car, student loan, etc..). I now have 0 debt and plan to salary 400$ a month extra on my mortgage to cut the # of yrs and end pmi sooner.
Answers:
Looks OK , but too bad about that PMI .
That looks similar to it adds a huge chunk .
But your plan for payoff is very aggressive ,
Hope you hold to that .
The $400 extra should hold you out of PMI in less than 80 months ( set free you 55 months on that schedule above ) , consequently the $400 extra should knock about 10 years of your loan .
WAY TO GO !
>
PMI is a waste of money if it can be avoided, and person that values are coming down pretty much everywhere it could take longer then you expect. I grasp you thinking of paying an extra $400 a month to get rid of the PMI, but since you have spent ALL your money and enjoy nothing, what happens if your home wishes something repaired? why not take the $400 a month put it in a side reason let it earn interest, and in 3-5 years see more or less refinancing your home to get out of the PMI. OR take a loan where on earth the lender pays the PMI, PMI is not protecting YOU it protecting the lender should you default, you say you own no savings, what happens if you wage $400 a month extra to your mortgage and 2 years down the line you loose you job, you own nothing in funds, and your mortgage lender wont let you have it put money on if you cant qualify to refinance, imagine if you put the $400 in stash, now 24 months later you own saved $9600 , and if you went on the dole for 6 months you could still make your mortgage payment, dont become a statistic. I dont know something like you, but I would rather have my money earn interest, rather then paying down my mortgage, and own enough money in a money account to payoff my mortgage is I choose to. Do you really plan on staying in your house your adjectives life and never move? Do you really want to pay it sour early and loose your largest tax conclusion?
6.5 % is a nice rate if your score is lower than 660 if not its a bit high also looks close to they are charging you yield spread. ok yes they are charging you yield spread! remember APR is calculated over your 30 yr mortgage so the fees you foot to close will not rase the rate on apr that much.
todays par rate for someone who has 680 + is about 6.125% It also looks resembling this is not a fixed rate mortgage typically the payments would not change unless it was some character of hybrid ARM product!
chek into anouther lender with the figures you hold they should be able to beat that accord! try my favorate!
se if they will beat the deal you hold! if they can you are ahead of game!
Http://www.DirectLendingPlanet.com
depends on your credit score....but you should be capable of do a MyCommunity and get a lower PMI.
the builder offering 1point should lower your rate to 6.25....at least...not 6.375% that's a ripoff Source(s): http://carolinahomerates.com
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PMI: yes
Interest Rate: 6.5 -> builder offered free point to buy down to 6.375
Estimated Prepaids: 1,584
Estimated Closing Costs: 3,793
Total Costs: 164,847
--------------------------------------…
Good Faith deposit already put down: 1,500
Lender Credit: 175
Paid by Seller: 1,595 (interest rate point)
--------------------------------------…
Total Loan Ammount: 159,470
Total Settlement Cost: 2,112
--------------------------------------…
Payment schedule:
no. of pymnts: 120 Principle & inter & PMI : 1,123.80
no. of pymnts: 35 Principle & inter & PMI: 1,021.47
no. of pymnts: 205 Principle & inter: 994.89
--------------------------------------…
Notes:
I didn't have plenty down payment (20%) to get out of PMI because i not long spent 15k to get totally out of debt (paid off sports car, student loan, etc..). I now have 0 debt and plan to salary 400$ a month extra on my mortgage to cut the # of yrs and end pmi sooner.
Answers:
Looks OK , but too bad about that PMI .
That looks similar to it adds a huge chunk .
But your plan for payoff is very aggressive ,
Hope you hold to that .
The $400 extra should hold you out of PMI in less than 80 months ( set free you 55 months on that schedule above ) , consequently the $400 extra should knock about 10 years of your loan .
WAY TO GO !
>
PMI is a waste of money if it can be avoided, and person that values are coming down pretty much everywhere it could take longer then you expect. I grasp you thinking of paying an extra $400 a month to get rid of the PMI, but since you have spent ALL your money and enjoy nothing, what happens if your home wishes something repaired? why not take the $400 a month put it in a side reason let it earn interest, and in 3-5 years see more or less refinancing your home to get out of the PMI. OR take a loan where on earth the lender pays the PMI, PMI is not protecting YOU it protecting the lender should you default, you say you own no savings, what happens if you wage $400 a month extra to your mortgage and 2 years down the line you loose you job, you own nothing in funds, and your mortgage lender wont let you have it put money on if you cant qualify to refinance, imagine if you put the $400 in stash, now 24 months later you own saved $9600 , and if you went on the dole for 6 months you could still make your mortgage payment, dont become a statistic. I dont know something like you, but I would rather have my money earn interest, rather then paying down my mortgage, and own enough money in a money account to payoff my mortgage is I choose to. Do you really plan on staying in your house your adjectives life and never move? Do you really want to pay it sour early and loose your largest tax conclusion?
6.5 % is a nice rate if your score is lower than 660 if not its a bit high also looks close to they are charging you yield spread. ok yes they are charging you yield spread! remember APR is calculated over your 30 yr mortgage so the fees you foot to close will not rase the rate on apr that much.
todays par rate for someone who has 680 + is about 6.125% It also looks resembling this is not a fixed rate mortgage typically the payments would not change unless it was some character of hybrid ARM product!
chek into anouther lender with the figures you hold they should be able to beat that accord! try my favorate!
se if they will beat the deal you hold! if they can you are ahead of game!
Http://www.DirectLendingPlanet.com
depends on your credit score....but you should be capable of do a MyCommunity and get a lower PMI.
the builder offering 1point should lower your rate to 6.25....at least...not 6.375% that's a ripoff Source(s): http://carolinahomerates.com
Related Questions: