|
|
| *Loan,banking and credit>>>bad credit mortgage |
What is the average mortgage payment for a $700,000 house bought this year with bad credit? |
I'm not sure how to figure out the monthly payments and I'm curious as to an estimate? This is assuming 5% down with a loan for the full amount of the house The question I have is why do you need a $700,00 house? $5,000 seems to be a good ballpark for the P&I. $725 Taxes $100 Insurance $6,000 or so Even with a 50% debt ratio, you would need to make at least $12,000 a month groos to afford this. And more than likely, if you have other debts, probably $15,000 per month. Generally, as a rule, you should buy a house that is 3 X what you make. So for a $700,000 home, you need to make $233,000 annually. I know that there are people buying $700,000 homes who only make $80,000 to $100,000, but they are probably using an ARM and are going to get into trouble, especially with prices falling. Please reconsider your purchase and try something much cheaper, and 3 X what you make, especially if you have bad credit. Without a substantial (around 20 or 25% or more) down payment, you're looking at a payment of way into the thousands - perhaps 3 to 5 K . 5% is a very bad idea - and you are probably looking at a terrible interest rate too. Have you checked around yet? This link is to a mortgage calculator http://www.bankrate.com/gookeyword/mortg... Good luck - home ownership is a wonderful, but huge responsibility. wow, your must be making the big bucks. I'm thinking about 5 k a month I don't think you could get a loan for 700k with bad credit. Int rates you are looking at is about 8-10%. It could be higher. If you took a 30 year ARM loan, @ 9%, you are looking at about $5632. Plus you have property tax which will be escrowed. If you are doing this as an investment, like you are gonna remodel the house and sale it, you better go for 2yr baloon. The rates are much cheaper and you wont have the house for more that 2 years. One thing to remember in baloon loans, or any loans of this type is, after the 2 years the rates jump up a couple of points. My best advice is to go and talk to a mortgage broker. He/she can take you through all the products. Two very inportant things to remember, 1) Go to a reputed bank, (they explain everything and the things to look for before you take a loan. For eg. property tax. If this goes up, will you be able to still afford the house? etc.) 2) DO NOT let them run your credit score till you have ALL your questions answered. (Everytime your cr. scr is run, your credit scr goes down) The sky's the limit. If your credit is scruffy, you will pay more, and possibly a lot more, than the 6% or so that mortgage money is going for nowadays to prime borrowers. At 9%, the interest alone will be over $5,000 a month. Talk to your bank. the answers you have collected are all in line. what i think you are not being told is that the loan amount you are seeking is a jumbo loan and the interest rate that is usual for bad credit is 1-2% higher automatically because of the loan amount. your income is the vital question and if the house is rental or primary residence for you. if it is rental then the rate goes up again. also the down payment will be required, look at it as the lender. what is the risk i would get this house back in a foreclosure. they look at the credit history and a snap shot of your predetermined behaviors. it may be bad because of a circumstance out of your control, and that is fine. there are ways to recover. if your buying for investment to flip and your credit scores are high 620 or above then you can get a stated income loan, and they don't check anymore than your credit report. if you would like further assistance and possible restructuring of credit, email me at highergroundfinsvc@yahoo.com. if you are using your credit and it is wounded, you need down payment, then the payments are based on the actual loan amount. so it will be slightly less. check the tax rate and insurance quotes in your area. there are mortgage calculators on line that will give you quick ideas of what the payments will be. hope this helps and you may contact me if you like...good luck. |
| Tags |
| loan rate sba loan debt loan cash loans bad credit mortgage best credit card business credit chase credit citibank credit card credit application |
SiteMap--Copyright/IP Policy--Contact Webmaster For personal non-commercial use only. |