What is better for a 1st time home buyer, Mortgage or Owner Finance? - finance first mortgage
I have a house I like, but his $ 97,000 and my income is $ 1600 per month. I do one of the options for the financing themselves or the mortgage. I want a mortgage, because I have any deposit and then refinance after 2 years. My credit score is 561 and maybe I can get a better interest rates at 2 years. That's would be my best solution?
Sunday, December 20, 2009
Finance First Mortgage What Is Better For A 1st Time Home Buyer, Mortgage Or Owner Finance?
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7 comments:
If I were you, I would expect a house. I do not know if the take-home pay is $ 1600 per month or, if this is your big, but it could enter a little light into a house. If you pay for the years to 97K $ 30 with interest at 5.5% is your payment $ 550 You should also keep in mind, they will be approximately $ 250 per month in taxes and insurance costs. This leaves you with only $ 800 per month to pay their living costs and the possibility always exists that could have an unexpected expense come home.
If you buy the house I would make a contract with the owner if he / she is willing to do so. It could be a sentence a little more interested and willing to work with you a little more work.
Try to get a mortgage. If financing for the owner who can apply at any time, unscrewed the debt in full or sell the house for the balance to another person on the equity. In addition, you do not confide in a position to the owners of their money. Getting a mortgage in any way!
You are better off to get a mortgage that has the financing of the owner, which can be a nightmare to do. Keep in mind also that you must be on a fixed rate of interest exist during the entire term of your mortgage to avoid getting caught, how many people saw recently with the ARM rate increase to payments costs of the absurd. It may not be able, in a few years because of housing problems refinancing happening now, it will take more than a few years back, so make sure you really can not afford the loan, you may not get the thing so how sophisticated you want. Good luck!
Go with a mortgage from a bank, if possible ... never by the owner! This can cause all sorts of problems, either the lender or, if he goes out and sells mortgage broker, it is a large corporation, which does not care!
We have no owner financing with our first home was an estate sale of houses around and fixed, and then they sold (to people like us) with bad credit and new ...
Guess what year or later in bankruptcy, and I just said that direct payments to the bank, which has actually held his mortgage and was told that ... Nope I could not make payments to them, never so that the payment through public auctions, has done anything, and we had many repairs!
So stay away from "owner financing". You can for mortgages to low income eligible home by the Department FFmHA done and we have a better home for almost any interest!
If your gross salary is deducted $ 1,600 per month (before taxes), then you should not try to buy a house with a loan of $ 97,000 to.
If your network is always greedy bites .. no problem and you will not be able to earn a living.
If your gross salary is deducted $ 1,600 per month (before taxes), then you should not try to buy a house with a loan of $ 97,000 to.
If your network is always greedy bites .. no problem and you will not be able to earn a living.
Cocoa, we do not know your entire financial situation is better than the lender answers to this question. I am sure he will be a half-dozen of Yahoo Answers, you say, you can help. Be careful when dealing with online lenders. My best advice is to deal with a company that the fee for the assessment and say no to pay for them at the door. If it does not connect with the other lender, it is possible that the degree of appreciation.
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