I'm planning on buying a home for about 250,000 dollars.  How much should I put down on it to significantly lo
450035
The percentage amount that you put down changes your interest rate and (obviously) changes your loan amount. \n\nI wouldn't worry about PMI.  There are ways to avoid this other than putting 20% down.\n\nTalk to a mortgage broker you trust.  They will go over all of your different options and give you the facts you need to choose the one that's best for you.  If you're buying in Ohio, I'd be glad to help you out.
1171176
NO - NOT AT ALL - LENDERS WILL LOVE YOU - 500 IS THE LOWEST A LENDER WILL WORK WITH (ON A HOME MORTGAGE) AND THAT IS NOT 100 FINANCING - YOU COULD GET 100 PERCENT FINANCING ON A HOME / AUTO, ETC.  THE HIGHEST i HAVE SEEN IS 805 AND THAT IS AWSOME, THE AVERAGE IS 580 - 720  - THERE ARE NOT MANY OVER 720+  SO  YOU ARE DOING GOOD - LOOKS LIKE YOU PAY YOUR BILLS ON TIME, AND KNOW HOW TO MANAGE YOUR MONEY - CONGRATULATIONS.
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The standard downpayment used to be 20 percent of the purchase cost.  Times have changed dramatically.  I know NUMEROUS people who have bought homes with 0-5 percent down in the last  10 years, especially since interest rates plummeted around 2001-2002.  \n\nI just purchased a home in 2004, and we were required to put a downpayment of roughly 5% of the purchase cost. We were able to get a conventional interest rate of 5.5% at the time. Our mortgage payments have been very manageable. If you are concerned about building equity faster or saving on interest, you can always pay a little extra each month (a little goes a LONG way).  We've payed an extra $100/mo., and we've knocked 6 months off the life of our loan so far, which is huge.\n\nThese days, many, many lenders have 95-100% LTV (loan-to-value) loan programs for first-time buyers (THAT is key). You should call banks and mortage brokers in your area and ASK them if they have any 95-100% LTV loan programs, and ask what you need to qualify (there might be income restrictions, in my case there weren't any).  It's true that if you put less than 20% down, you have to pay PMI (basically mortgage insurance), but I believe the majority of new homebuyers today pay that.  It seems fairly standard.  The BEST part is that PMI is NOT permanent.  You can have your PMI payments stopped after you accumulate 22% equity in your home (which should only take a few years between your home appreciating in value, plus you making payments decreasing the amount you owe).  If you go this route, there are MILLIONS who have gone it with you, and some of us (me, included), don't regret it one bit.\n\nGetting an FHA loan is sometimes easier because your loan is guaranteed by the federal government, but they have limits on how much you can borrow. Before I ever applied for anything, I pulled my own credit report from MyFico.com, and made an appt. with a local bank rep to discuss my options. \n\nThere are three big things to prepare before you shop for a loan:\n\n1.  Make sure your credit is as clean as possible (that means do NOT open any new credit right before or during your lending process).\n\n2.  Make sure your debt-to-income ratio is as LOW as possible.  This means that you want to try to make sure you are not spending more than 36% of your income on debts like rent, car, credit cards, etc.  Some lenders might want to see that ratio a LOT lower.\n\n3.  Save for your downpayment PLUS have a little leftover for after you close on the home.  Once you get in there, chances are, you'll need the cash for repairs or to furnish the place.\n\nBest of luck to you!
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It depends on where or what city, up to 250K.
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Financially speaking, a house will usually appreciate in value.  Of course, beachfront property is always hard on the wallet for upkeep, but then a car requires insurance gas and repairs too. A car, especially in the luxury range, will usually depreciate greatly over the first several years.  \nFor example a 2003 Mercedes 500 SL was almost 90 k when new.  Now it is worth around 60 K.  I suppose that if you have the money that's OK, but to me, it's like burning a few 100 dollar bills every week.\nOn the other hand, hurricane season is coming and it is supposed to be hard on the east coast.  Insurance will probably cost you a bundle, but at least you won't be getting any speeding tickets.
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Your monthly payment will be 472.02. Do not forget closing costs, insurnace, taxes, and utilities.
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here is a link for a calculator\nhttp://mortgages.interest.com/content/calculators/discount.asp\n\nit depends on how long you want to keep the property. \nlet's say for $500,000 loan @ 6.5% your interest payment is $2708.. if you want to "buy it down" to 6.00% and pay 1 point.. then, your interest payment @6% would be $2500... and it would cost you $5,000... it means it will take you 5000/(2708-2500)= 24 months to recoup the point.. so, paying this points will make sense if you will keep the loan for 24+ months
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It depends highly on your income.  Look at the 1040 tax tables to get an idea for federal.  But typically, take home is 60-80% of gross.
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$ 123,000 dollars aprox. for a good property\n\n:>peace
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Really straight forward:  no unsecured debt.  If you have credit card debt get rid of it.  Use your 25K if necessary.\n\nNo car payment - pay off any installment loans you have.  Use your savings if necessary.   You wil then be able to save expedentially each month.\n\nWhat kind of house are you after with $75K down?  That's a huge down payment for a first time homeowner of any age!\n\nYour first house should not be your dream house, it should be one that you can sell in 5-7 yrs to the next first time home buyer.  \nMake sure the location supports the property.  Buy the smallest/least expensive house in the best neighborhood.  \n\nDon't buy the biggest/most expensive house on the block...lose out on equity potential.
1056785
if you can find a home in your price range that will appreciate in value, i think putting $$$ towards equity rather than just rent is a good idea - but make sure it's a home that will grow in value - and don't do an interest only mortgage unless you're disciplined enough to pay more than what's due each month
507226
im not familiar with get a home loan net- make sure they are a responsible lender-sanctioned by your state dept of banking and ins. or something like that--now-to answer your ?--4% fixed for a 15 yr loan is excellent-- make sure there are no loan origination fees, or hidden fees- a 1% origination fee could be common, yet that is 1,000 on a 100K loan--you are 25 now-your home would be free and clear by age 40--very good idea- only if you plan on marriage and a large family with lots of other obligations would a 30 yr mtg have some appeal as the payments would be lower, yet the rate would be higher- the 4% rate is because it is a 15 yr loan !! take the deal and run as long as the company issuing the mortgage is reputable !! i am a retired CPA & CFP ( certified financial planner)
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Your total mortgage should be no more than 2 1/2 to 3 times your annual salary.  The higher the interest rate the lower the mortgage should be.
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depends on how much your house is worth.  So can't really answer this question without that info.
634179
Never offer the full asking price. I would start out offering 10,000 less than they are asking. They'll probably negotiate with you till you come to a happy medium. Happy house buying!
611686
You should start out around $55,000
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I am not a one of those that think you should place a lot  of money if any down on a home. All interest is tax deductable over the course of the loan no matter how large or how small, the interest is.\n\nYour credit score will determine if you are qualified to purchase a home with little or no money down. The higher your credit score the less you have to put down and if you are at the level of having to put no money down all and good.\n\nThe only way that you can find out if you are qualified for a loan is to find a mortgage "Broker" take one month of each of your pay stubs, 6 months bank statements from each bank account. W-2 form for 2 year and fed income tax for 2 years for each of you,as well as  6 months statements from any 401k program the both of you might have from your employers. Take your drivers lic and social cards or at least a copy of each.\n\nNow you will have lots of paper work to complete, but he will assist you. Not to worry you will get through it in fine fashion.\n\nThis mortgage "Broker" will get a credit report for the both of you , after which he will be able to tell you what type mortgage you are gualified for. He will be able to tell you if you are qualified for a 100% loan or not. He will also be able to tell you how much home you can afford based on the amount of money you guys earn each month and the amount you guys pay out eacch month.\n\nThe important thing for you to concern yourself if to get into a home with little or no money. The interest rate is important, but don't let it be a deterrent  from you purchasing a home. Because your brother or friend got one rate does not mean you are going to get the same rate. Each person's credit is different and each person's credit score is different so don't expect the same loan.\nJust remember all the interest you pay on your loan is tax deductable.\n\nOnce you have been pre-approved by your "Broker" he will fined a real estate person he has worked with and has a professional realtionship with to assist you in finding you a home. \n\nOnce you have found a home, the real estate person will then get you a purchase contract, an appraisal for the property,  have your mortgage "Broker" open an escrow or closing agent for you. He will give all the paper work to your mortgage broker who will take another 10-14 business days to complete your mortgage.\n\nWhen you go to your closing be prepared to sign lots of documents and other items that are required by the federal, state and local governments.\n\nNow that I have told you how to go about getting a home for the both of you, do you plan to get married before you purchase the home or after.  \n\nMy advice is to purchase the house after the marriage. I have seen so many purchase a house before marriage. After they purchase the house something happen and a breakup occurs. There are lots of legal things in the air, especially the house and who gets it. One say they paid the most on the mortgage and want to give the other a few $1000,00 for them to move.\n\nI know that you didn't ask but I wanted to pass on some experience and knowledge I have gained over the years.\n\nI suggest you check with your tax advisor on your tax situation and other tax questions you might have.\n\nI hope this has been of some use to you, good luck.\n\n\n"FIGHT ON"