home mortgage payment?
dustin23 asked:
i am in the process of purchasing a home for the first time. my question is if i find a home for 400k and am putting 80k down, is the loan amount that i get from the bank going to be 320k? how does the down paymet play the role in the amount of money that i am going to barrow from the bank? my loan person sent me a message giving me amounts of $3000 a month, for a 417k loan, but did she put into account the 80k that i will put down?
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i am in the process of purchasing a home for the first time. my question is if i find a home for 400k and am putting 80k down, is the loan amount that i get from the bank going to be 320k? how does the down paymet play the role in the amount of money that i am going to barrow from the bank? my loan person sent me a message giving me amounts of $3000 a month, for a 417k loan, but did she put into account the 80k that i will put down?
April 29th, 2009 at 7:03 am
Yes
April 30th, 2009 at 7:13 am
putting at least 20% will reduce the monthly payment about 20% and should also eliminate the need for PMI – private mortgage insurance, which could run you another 100/mo or more and is not deductible on your tax return – might get you a better int rate also – less risk to the Mtg comp with that size downpmt
May 1st, 2009 at 6:18 pm
So you think that you’re ready to buy your own home? Hopefully you’ve done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than ever
May 2nd, 2009 at 10:16 pm
Your current contact may have made a mistake.
The amount of money you put down will come off the amount of the house. Add in the fees and cost of the loan, and you’ll have you total Loan Amount.
I would check all the numbers again or consider getting multiple Good Faith Estimates. The banks are usually much higher priced than independant brokers or mortgage companies.
Good Luck, and watch those fees!
May 3rd, 2009 at 2:13 pm
Based on the figures you provided you’re being given 100% Financing with closing costs included with an interest rate of at least 7.75% which is extremely high given present market conditions and the fact that you are willing to make a 20% down payment.
If you’d like a rate more in the 5.50% – 6.00% range with payments as low as $1,550 per month feel free to contact me at
Best Regards,
J. Polanco
Financing Advisor
Robbins and Lloyd Mortgage Corp.
347 5th Avenue, Suite 1506
New York, New York 10016