Question by midnightrose: I have all the info I need, about it side effects but I need someone to help me calculate my payments before I sign my offer…?
My mortgage guy is out of town for Easter and I need to check what the payments would be for the counteroffer ….
We are doing an FHA (b/c of our scores, diagnosis it is the only option) taxes in our county are .4% Whatever the market FHA is, the offer is 170K with 3% downpayment assistance, and a 6% concession to be used for buying down the rate 4 points (or 1%) and then what’s left is for closing. I am curious what our payment will be approx, including PMI, P&I, and H/O ins. & taxes escrowed… I live in Fort Mill, SC. Would like to know payment and possibly what our leftover closing cost “might” be…..
Best answer:
Answer by Shana B
Try this mortgage calculator…
http://www.mortgage-calc.com/mortgage/simple.php
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Question by kateward23: I have an ARM with a penalty phase getting ready to end. Where do I start to refinance?
I know that everytime my credit is checked, link it is a hard hit on my credit. I want to shop around for the best rate, information pills but want to do so in a way that will not be detrimental to me.
Best answer:
Answer by Searchlight Crusade
Actually, if you limit it to mortgage inquiries, all inquiries within 14 days count as one. Act of Congress several years ago, put through by National Association of Mortgage Brokers. Yes, it helps them, but it *really* helps you by enabling you to shop for a loan as much as you might shop for a toaster oven.
Have good long conversations with at least half a dozen prospective loan providers. If you get a good one, brokers will beat direct lenders every time, because when you talk to a broker, you’re automatically shopping a lot of lenders. Brokers get better prices than a lender’s own loan officers in most cases, because 1) the lender isn’t paying their overhead, and 2) from the moment you walk in the door, most direct lenders consider you their captive. Broker clients are *never* captives.
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Question by d0nkeypunch4u: Which is better? Conventional Mortgage, click FHA Loan Or a VA Home Loan?
Not sure which is better. I have close to a 700 credit score, buy information pills about 25k for a down payment. Looking for a condo in NY. Any suggestions?
Best answer:
Answer by Searchlight Crusade
What price condo in New York?
If you qualify for an A paper conventional loan, viagra 100mg especially conforming, those are the very best rate/cost tradeoffs. Always.
VA and FHA are good for low to zero down payments, or marginal to poor credit, but have an absolute limit of $ 417,000 (conforming loan limit). If you’ve got a $ 25k down payment on a $ 600k condo right now, you’re SOL as far as VA and FHA go.
I can’t think of a situation where FHA beats VA. VA has no financing insurance requirement, and can even roll up to 3% closing costs in, if you need to.
If that condo is anything up to $ 250k (10% down), you’re likely to get a better loan conventional. If it’s over (but you can still afford the loan), A VA is likely to prove the best alternative.
And bless you for serving!
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Before you consider going to a broker, research rates from your credit union, the VA and banks. As a customer, you stand a better chance of getting a good rate. A conventional loan is ALWAYS better than an ARM (often have teaser rates to suck you in), especially today given the market. Keep in mind however, that a conventional loan has stricter guidelines than the other “fad” loans. The benefit of the conventional is that your payment will always be the same over the life of the loan, there are no suprises, adjustables etc. (barring any additions to the mortgage such as escrows for taxes and insurance). Expect to put down at least 10%, closing costs in NYS are approximately 6%, which you can have rolled into your loan for a few bucks per month. Remember the lower your down payment, the HIGHER your montly mortgage will be. Additionally, with anything lower than a 20% DP you will be required to pay PMI – Private Mortgage Insurance but the upside to that is that when you have built 80% equity into your property, you can apply to have the PMI removed.
Also, if you purchase a condo, you must ask about the rules and more importantly – how much the MAINTENANCE FEES are a month, sometimes they are equal to a mortgage itself.