![]() ![]() However, the best interest rates and loan terms are reserved for borrowers with scores of more than 650. Generally, you'll need a credit score in the mid-600s to qualify for a conventional mobile home loan. However, some properties, such as single-wide homes or investments, may be ineligible for a conventional mortgage. If your home meets the standards for real property, you can get a loan with as little as 3% to 5% down, depending on the loan type and lender requirements. We also have a mortgage pay off calculator that helps you estimate how much money you can save by paying off your house early. We're confident this is the best mortgage calculator out there today. It will tell you how long it will take to pay off your house at your current rate, how much you can save if you make extra payments and how much more you can pay off if you stop eating out for lunch every day. Try Dave's easy-to-use calculator to help make home ownership a blessing, not a curse, for you. Talk with one of Dave's real estate Endorsed Local Providers today! When you're ready to buy or sell a home, it's best to work with a real estate agent you can trust. You will never get back what you put into them. The value of these properties drops like a rock. Make sure you have all of them answered before making the biggest financial decision of your life.Īnd, whatever you do, never buy a trailer, mobile home or timeshare. It's natural to have questions about mortgages. Don't fall for that myth the math just doesn't add up. If you're keeping your mortgage in order to get a tax cut, that's just dumb. Many people hang on to their mortgage instead of paying it off early because they're convinced they will get a tax advantage. If you must take out a mortgage, pretend only 15-year mortgages exist. ![]() Thirty-year mortgages are for people who enjoy slavery so much they want to extend it for 15 more years and pay thousands of dollars more for the privilege. The really interesting thing about 15-year mortgages is that they always pay off in 15 years. Knowing how much house you can really afford is the difference between making a house a home or a financial nightmare. You won't be able to save and pay cash for furniture, cars and education. But it's not wise to spend more on a house because then you will be what Dave calls "house poor." Too much of your income will be going out in payments, and that will put strain on the rest of your budget. You can probably qualify for a much larger loan than what 25% of your take-home pay will give you. Save a down payment of at least 10% on a 15-year (or less) fixed-rate mortgage, and limit your monthly payment to 25% or less of your monthly take-home pay. Sounds weird, doesn't it? But think how much fun that would be! No mortgage! No payments! If paying cash for a house seems too far out of reach, you can still buy a house if you make wise choices. ![]() The ideal way to buy a house is the 100% down plan-pay cash for the whole house. The FDIC says that 97.3% of people don't systematically pay extra on their mortgages. Sick children, bad transmissions, prom dresses, high heat bills and pet vaccinations come up, and you won't make the extra payments. If you say, "Cross my fingers and hope to die, I promise, promise, promise I will pay extra on my mortgage because I am the one human on the planet who has that kind of discipline," you are kidding yourself. Myth: "I'll get a 30-year mortgage, but I'll pay it like a 15-year mortgage, so if something goes wrong I'll still have wiggle room. ![]()
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