O.k. I found a house Id like to go look at, but I need some help
N.Y.bride
Posted:
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O.k. I found a house Id like to go look at, but I need some help
Its 420,000 Taxes are 7,500 without star
I did an online mortgage calculator and it said if I put down 35,000 my monthly payments for a mortgage of 30 years at 6% would be 2,300.
We bring home about 6,000 after taxes right now.
Is something like this realistic for us? Im just afraid we'll get into something we cant afford.
We have no other monthly expenses right now except $700/month for daycare for the next 4 years.
I really want to go see this house b/c I really think Ill love it.. But I dont want to go if it will be too much for us. KWIM?
ejm1219
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Re: O.k. I found a house Id like to go look at, but I need some help
I am in the process of buying a house for 380,000. . .we put 10% down which is 38,000. We got an 80/10/10 loan so we are getting two mortgages. With taxes (which are 7000) and home insurance (which is about 700) and we are looking at 3000 a month for both mortgages, home insurance and taxes. We got a 6% loan on our first mortgage. . . and I forget what on our second. I don't know if you can do it, but those calculators are never accurate! This is what mine in reality came out to! HTH!
N.Y.bride
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Re: O.k. I found a house Id like to go look at, but I need some help
Posted by ejm1219
I am in the process of buying a house for 380,000. . .we put 10% down which is 38,000. We got an 80/10/10 loan so we are getting two mortgages. With taxes (which are 7000) and home insurance (which is about 700) and we are looking at 3000 a month for both mortgages, home insurance and taxes. We got a 6% loan on our first mortgage. . . and I forget what on our second. I don't know if you can do it, but those calculators are never accurate! This is what mine in reality came out to! HTH!
Thank you so much!! I called my BIL today who is a mortgage broker and he told me the same thing. He said it would be about 3400 or so a month including taxes and insurance. He also told me to have 2 loans 80/20. He also used 6%. So I think we can swing that! I drove by the house today and the street is perfectly paved and its on a dead end. Kids were playing outside - it was sooo nice. THe only thing I did not like is the outside is Stucco.
N.Y.bride
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Re: O.k. I found a house Id like to go look at, but I need some help
Never mind :( Its gone :( EVerytime I find something I like and call - its gone!! I guess I have good taste at least!
MrsD06
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Re: O.k. I found a house Id like to go look at, but I need some help
When you apply for a mortgage they will want to calculate your take-home pay plus any debt/expenses you have. They only allow a certain percentage of your income to go to debt b/c they want to make sure that you can pay your mortgage. You may want to call the Long Island Housing Partnership. I went there about a month ago and it was extremely helpful. You bring in tax documents, pay stubs, etc. and they calculate everything for you like a mortgage company would and tell you what you can afford. They also have programs available for first time homebuyers..some have income requirements that are of course very low (so low that I'm not sure how you could afford a house if that is your income) , but some are more reasonable and will allow you to do a downpayment less than 20% with no extra fees
GraceAndAdam
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Re: O.k. I found a house Id like to go look at, but I need some help
My FH have been house hunting since November, so I know what you're going thru. I've lost track of how many times we got excited about a house just to find out someone else got it first. As for your monthly mortgage payment, my suggestion would be to speak to a mortgage rep to get an actual estimate of what your payments will be. I've heard that the online calculators are very unreliable. Some, such as the one one mlsli.com, don't factor in your property tax, so you have to account for that as well. Good luck!
