Is it affordable to have a 15 year loan or 30 year loan?
Answers: I originally had a 30 year mortgage on a $135,000.00 loan. Six years ago I refinanced to a 15 year. Needless to say, my payments are much higher, but my loan will be paid off in 9 more years.and I saved a ton in interest payments.
Yes, people do those types of loans all the time to purchase houses. The "affordable" part is based on the interest rate you receive on the loan. If the rate is high, you will be paying more, if it is low, you will be saving more.
The interest rate is dependent on your credit score, so I hope you have a solid one.
If you are looking to get a loan now, wait a few months for the interest rate to drop maybe 0.50% more (due to the current US economic situation this seems likely), and then try and secure a 30-year fixed interest rate loan. You won't be sorry.
You'll save a lot money in interest with a 15 yr fixed, but only you can determine if it's affordable for you. What you can do is get a 30 yr fixed, and apply more to the principle every year, that way you won't HAVE to pay a higher mortgage every month. You can pay the 30yr monthly mortgage, and apply what more you can afford to the principle.
Get an ammortization table, and see how the extra payment to the principle drastically reduces the mortgage term, even on a 30 yr.
15 yrs save lot of intrest or get the 30 and add say 200 to each monthly payment
How much would a okay tender to this SFR house?
1. Official record: 1bedroom/ 0.75 tub (shower+toilet), the back square has be converted to a bonus room and used as a second bedroom (small).2. 720 sq ft indoor, 2040 lot sz. Built in 1915, outstandingly well maintened. Previous owner did put seriously of interior upgrades with spanking new appliances and new paint. It's contained by move-in condition.
3. It's a Bank-owned REO property. The previous owner's unpaid mortgage balance to the wall was $359K. Listing price immediately is $380K. The comps in the nouns is about $425K to 475K.
4. Located within a very biddable neighborhood in Los Angeles. Close to freeway and shopping. School district is of late ok, not excellent.
5. Officially, only one parking space available (not a covered garage). Street parking is not a problem.
6. Just timetabled in the bazaar for 7 days.
7. Buyer would like to repay 20% down, and the credit is excellent.
How much do you think this house is worth?
Answers: No means of access to tell short actually seeing the house and comparables...explicitly why appraisals are required to have pictures, and the exact address DO MATTER.
One street can make a $50K difference contained by property value.
Now you know what a Realtor and an appraiser get paid to do and if you don't own a Realter.understand that comparables are usually bought and sold near a Realtor so that cost is already factored in. So if you buy a home short getting your own representation, you are paying for a service you are NOT receiving.
We buy houses?
Do those we buy houses companies pay discounts on your homes current importance or after repar value?Answers: What I be told when I contacted a couple for informational purposes was that they'd breed an offer on what the house be worth when showed to them. As this is a business, they know what they have to repair (or otherwise do to the house to cause it sell). Let's say they determine that the meaning of the house less what wishes to be done results in a balanced market convenience of $200K. They will then hold out 50-70% of that to you at best--so $1-140K is your offer. The "comps" short regard to repairs, etc. for your house could be $275K.
They distribute the least amount possible.after adjectives they are not being charitable and loving and doing you a favor.they are in it to generate money.