no -ve points.. But few day’s ago we finally saw a house it was build for someone else but for some reason they backed out in the last moment… anywayz… My mom is a nurse & my dad work’s in the post office (Temp. Season job).. There is no other income for us me & my sister is still studying. All our friends said it is a nice house… V LIKED D HOUSE TOO !!NO -VE COMMENTS!! but now there is a small problem monthly payment is going to be $3200 something… It sounds to be a lot but this is d best house we could get 3200sq ft…. $489,000 it is in California.. which is the best way i can keep my monthly payment’s low. (30yr, 40yr, Interest only, e.t.c.) PLS HELP WTH GOOD ANSWER’S
There are a couple of options that you can do, some banks have programs, that allow you to make an interest only payment, paying just the interest of the loan. You also have the option of making a neg payment which will be less that the interest payment, but this is going to take the balance of the payment that you are not paying and adds it to the principle of the loan. This is only advised when the appreciation of houses will cover that balance not paid. Feel free to give me a call and I can explain it in further detail. I would take a page or so to figure out all your options.
Joe Bauer
Vice President
Mortgage Services
203-729-8900
highlyliquid@gmail.com
Careful! you may be getting in over your head. Sounds like the monthly payments amy be more than you can afford.
I would strongly recommend against buying ANY house using an interest only mortgage. Find other financing. Bankrate.com and others have lists of mortgages all around the country.
Also, consider going with a an 80-10-10 or 75-15-10 mortgage… The first portion is the actual mortgage, the second is a home equity loan, the third is the down payment. The advantage to this is no PMI, which is insurance that you pay (around 10% of the monthly payment) in case you default on the loan, but for which the bank is the beneficiary. It boosts the monthly payment on something that doesn’t benefit you at all. Once you hit 20% equity, it goes away, but it takes longer to hit that mark if you have to pay it.
I’d suggest getting a good mortgage broker… they can explain this far better than this and offer more options. They can also tell you whether or not you can really afford the house… trust me, you don’t want to buy too much house in today’s market because you will definitely take a loss on it until the market turns around. It may really make far more sense to rent right now.
Just keep renting. I have no idea what this no -ve points thing means, but it’s irrelevant. This is just a bad idea.
No one on a nursing salary, with some help from a temporary seasonal hourly job, should be buying a house for almost $500K. You will be in foreclosure within 2 years, guaranteed, and will lose the house.
Good Fico Scores get good results. Interest only loans are temporary and only fix the problem temporary. Meaning Dad gets a job within the next couple of year full time than possibly you can afford a fixed rate instead of interest only. You or sister can if you both want get a job and help pay off the mortgage as well. many ways if you like the house you can all live happy. 3200 sq ft home is very big and easily accomidate the whole family for quite awhile.
If its a private builder get a couple of things:
Home Inspector to check the home out and make sure everything is working ok.
Get a roof certificate from a outside contractor. Yes a Home Inspector can notice something but a roof contractor will verify that your roof was put on correctly.
From those two inspectors you should definately know if your new home is going to safe and sanitary.
Any more questions ask.
this is…really funny
your payments..are going on your credit card..I assume.
$498,000 would not have a $3200 a month payment
unless it’s on your credit card…