Get Out Of Debt » Mortgage http://getoutofdebt.com.cn Help You Get Out Of Credit Card, Loans and Mortgages Debt Fri, 10 Sep 2010 09:38:12 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 i make 30$ an hour. could i get a 400,000$ mortgage and buy some properties to rent out (i have a 60,000$)? http://getoutofdebt.com.cn/i-make-30-an-hour-could-i-get-a-400000-mortgage-and-buy-some-properties-to-rent-out-i-have-a-60000.html http://getoutofdebt.com.cn/i-make-30-an-hour-could-i-get-a-400000-mortgage-and-buy-some-properties-to-rent-out-i-have-a-60000.html#comments Fri, 10 Sep 2010 09:38:12 +0000 admin http://getoutofdebt.com.cn/i-make-30-an-hour-could-i-get-a-400000-mortgage-and-buy-some-properties-to-rent-out-i-have-a-60000.html i make 30$ an hour. about 50,000$ a year. i am single no kids. i want more income so i want to get a 400,000$ mortgage and buy 4 different investment properties.(100,000$ each) from the properties i have been looking at the average income of four apartment buildings would be about 40,000$ a year and that after everything! heat, electricity, taxes everything.

i know that the banks probably wouldn’t give me a 400,000$ loan to blow on a house just for me but where i would be increasing my annual income by approximately 40,000$ by buying apartment buildings could i get the mortgage?

and i also have a 60,000$ down payment. (15% of 400,000$) and i also know that most of my profit will be going on my mortgage payment but with the extra income i would definitely be able to make the payment.

i was looking at a mortgage calculator and a 10year mortgage of 340,000$ (400,000$ – my down payment of 60,000$) at 7% interest rate would be 3930$ a month and my rent income would be 4000$ a month so i would still have 7$ profit.

i cant see why i could not get the mortgage cause i could definitely make the payments but im not a 100% sure so any info would help.

thanks

]]> http://getoutofdebt.com.cn/i-make-30-an-hour-could-i-get-a-400000-mortgage-and-buy-some-properties-to-rent-out-i-have-a-60000.html/feed 5 How does prepaying a mortgage work? http://getoutofdebt.com.cn/how-does-prepaying-a-mortgage-work.html http://getoutofdebt.com.cn/how-does-prepaying-a-mortgage-work.html#comments Wed, 08 Sep 2010 09:37:34 +0000 admin http://getoutofdebt.com.cn/how-does-prepaying-a-mortgage-work.html My wife and I have just entered into contract on our first house. We have locked in a 30 yr fixed. We put 25% down. After all is said and done, we should have about 30K remaining for our rainy day fund.

Our monthly expenses should leave us with extra cash. If I regularly prepay my mortgage, say 0 a month, how does this work?

Do my monthly payments reduce based on the agreed rate and the new outstanding principal? How do I make these calculations? Just reduce the initial principal by the prepay amount, and then use a mortgage calculator with the new loan amount and the existing rate?

Does this effect the type of tax returns I will see?

Many Thanks,
Eric

]]> http://getoutofdebt.com.cn/how-does-prepaying-a-mortgage-work.html/feed 4 tax and utility calculator? http://getoutofdebt.com.cn/tax-and-utility-calculator.html http://getoutofdebt.com.cn/tax-and-utility-calculator.html#comments Mon, 06 Sep 2010 04:50:34 +0000 admin http://getoutofdebt.com.cn/tax-and-utility-calculator.html im thinking of buying a house in a year. ive done the mortgage calculators to estimate what ill being paying for my mortgage but i know that its not near the real amount with taxes and utilities so i was wondering if theres anything that can calculate school and property tax and then utilities like heat water electric cable etc. thanks

]]> http://getoutofdebt.com.cn/tax-and-utility-calculator.html/feed 1 mortgage refinance right for us? http://getoutofdebt.com.cn/mortgage-refinance-right-for-us.html http://getoutofdebt.com.cn/mortgage-refinance-right-for-us.html#comments Sat, 04 Sep 2010 09:39:11 +0000 admin http://getoutofdebt.com.cn/mortgage-refinance-right-for-us.html I have a 1.30% negative am loan that i need to get out of, i currently owe 650,000.00 for both my first and my second, my question is can i get a loan that is not a negative am loan and have my payments at 2,450.00 including my taxes? Even if i have to get myself into an interest only loan for the first 3-5 years or so, by then my wife and i would be off better financially and can refinance into something fixed. My home is worth about 750,000 so i still have some equity in it and have had this negative am loan for about 2 1/2 years now. I was on lending tree and put my info in the mortgage calculator and it brought out different scenarios and one did have a payment of 2,450.00 is this realistic? i pay 8,200.00 in real estate taxes a year.

]]> http://getoutofdebt.com.cn/mortgage-refinance-right-for-us.html/feed 5 How can I accurately calculate a mortgage payment? http://getoutofdebt.com.cn/how-can-i-accurately-calculate-a-mortgage-payment.html http://getoutofdebt.com.cn/how-can-i-accurately-calculate-a-mortgage-payment.html#comments Thu, 02 Sep 2010 14:24:22 +0000 admin http://getoutofdebt.com.cn/how-can-i-accurately-calculate-a-mortgage-payment.html I roughly calculated that 5,000 divided by 360 months would be 7.23 per month BEFORE interest, insurance, etc. I used an online mortgage calculator and was informed my monthly payment was over 4 per month! How is that possible even when including the 6% fixed interest rate, insurance, etc? When I search real estate websites, they have a payment calculator on the side that show my payments for a 5,000 house would be a reasonable 1 – 5 (depending on the local yearly taxes, value, etc). Why do the online calculators have such an exaggerated payment total? How can a payment of 7 before interest, etc end up being 4?

]]> http://getoutofdebt.com.cn/how-can-i-accurately-calculate-a-mortgage-payment.html/feed 6 How does a mortgage and a deposit work? http://getoutofdebt.com.cn/how-does-a-mortgage-and-a-deposit-work.html http://getoutofdebt.com.cn/how-does-a-mortgage-and-a-deposit-work.html#comments Tue, 31 Aug 2010 19:14:45 +0000 admin http://getoutofdebt.com.cn/how-does-a-mortgage-and-a-deposit-work.html Hi – sorry for a seemingly daft question but I’m getting confused.

Mortgages are typically between 80-90% of the House price. So if I have say: £50K deposit, I could potentitally afford a £500K house.

If I then use a Mortgage Calculator and I put in my salary (say 30K) then I’m told I can borrow around 105K.

So that means I would have: 105 + 50 = 155K

That’s way off the 500K – so I don’t get how / why there’s the discrepancy between the concept of 80-90% mortgage and the amount a bank is willing to loan. Or am I completely off the mark?

Any advice is gratefully received :-)

]]> http://getoutofdebt.com.cn/how-does-a-mortgage-and-a-deposit-work.html/feed 3 Are those online mortgage calculators accurate? http://getoutofdebt.com.cn/are-those-online-mortgage-calculators-accurate.html http://getoutofdebt.com.cn/are-those-online-mortgage-calculators-accurate.html#comments Sun, 29 Aug 2010 14:30:47 +0000 admin http://getoutofdebt.com.cn/are-those-online-mortgage-calculators-accurate.html I am so ready to move out of my rental, and according to most of the online mortgage calculators I would qualify for a loan. How much difference does your credit score make? I have been making all payments on time for over 6 months and there are a few black marks set to come off my credit report in August. Also, how are student loans viewed, as I have some student loan debt?
I just checked out an online debt-to-income calculator and it says I have a 19%. This I know is correct as the figures are very straight-forward. This is a good sign, right?
Also, I have made an appointment with my bank’s mortgage originator for tomorrow afternoon. I’m just very nervous about what I’ll learn there and I’m hoping for some reassurance. So thanks!

]]> http://getoutofdebt.com.cn/are-those-online-mortgage-calculators-accurate.html/feed 8 How much do YOU pay for your mortgage? How much were you preapproved for? http://getoutofdebt.com.cn/how-much-do-you-pay-for-your-mortgage-how-much-were-you-preapproved-for.html http://getoutofdebt.com.cn/how-much-do-you-pay-for-your-mortgage-how-much-were-you-preapproved-for.html#comments Fri, 27 Aug 2010 19:14:56 +0000 admin http://getoutofdebt.com.cn/how-much-do-you-pay-for-your-mortgage-how-much-were-you-preapproved-for.html I know this is a personal question, but it seems like something that could be helpful. I hear a lot of "how much can I get with such and such conditions", and generally people will get pointed off to some mortgage calculator. They are helpful, but putting in the same stats I have gotten some seriously different advice on what I might be able to afford on different calculators.

I am going to be setting up a meeting to get preapproved in the near future, and I know that will give me a better idea of where I stand. However, I haven’t seen any questions about how much you can get preapproved for, versus how much you should actually spend. Is it generally true that you can afford what you get approved for?

Moving on to the main question. I was hoping to stop all this theoretical bologna and get to the real meat of the subject. I wanted to get some responses from real people in real situations, fill out what you can. Thanks!

1) How much were you preapproved for (amount, interest rate, term)?
2) How much did you use from the loan?
3) How much did you put up front as a down payment?
4) How much are your monthly mortgage payments (and taxes/insurance too)?
5) How much is the annual gross income of your household?
6) How do you feel that the mortgage payments stack up against your income (are you living above/below your means? are you strapped for cash, or do you think you could’ve afforded a more expensive house? or is it just right?)?
7) Please feel free to add anything else about your situation that you feel adds to the discussion!

Again, I know this is all personal information, so I’m hoping we can keep this all respectful (no knocking on people who took a mortgage too high during the boom or anything disrespectful altogether). Please respond with as much or as little information as you’d like. I just wanted to see if I could get some people to give some real world examples of how this works out, for all of us people who are thinking about buying now and are having a hard time getting any hard and fast evidence on how the system works.

Thanks, in advance, to anyone participating!

]]> http://getoutofdebt.com.cn/how-much-do-you-pay-for-your-mortgage-how-much-were-you-preapproved-for.html/feed 1 Pay off mortgage in 15 years, or 3 years taking into account tax savings and interest savings.? http://getoutofdebt.com.cn/pay-off-mortgage-in-15-years-or-3-years-taking-into-account-tax-savings-and-interest-savings.html http://getoutofdebt.com.cn/pay-off-mortgage-in-15-years-or-3-years-taking-into-account-tax-savings-and-interest-savings.html#comments Thu, 26 Aug 2010 00:02:37 +0000 admin http://getoutofdebt.com.cn/pay-off-mortgage-in-15-years-or-3-years-taking-into-account-tax-savings-and-interest-savings.html I’m looking for a mortgage calculator online that will help me determine which option would be better: 1) If we spread it out and pay the mortgage in 15 years, or 2) if we pay it off quickly in 3 years.

I need it to take into account both tax benefits AND interest savings. So far I’ve only found calculators that take into account one or the other when doing a comparison, but I need both factors, and even something that takes into account investing as well. Does anyone know where to find something like that?

]]> http://getoutofdebt.com.cn/pay-off-mortgage-in-15-years-or-3-years-taking-into-account-tax-savings-and-interest-savings.html/feed 3 Is there an explanation for these mortgage results? http://getoutofdebt.com.cn/is-there-an-explanation-for-these-mortgage-results.html http://getoutofdebt.com.cn/is-there-an-explanation-for-these-mortgage-results.html#comments Tue, 24 Aug 2010 04:50:18 +0000 admin http://getoutofdebt.com.cn/is-there-an-explanation-for-these-mortgage-results.html I just used a mortgage calculator provided online by a real estate firm in the Midwest to come up with the following for three different (theoretical) down payment amounts

Price (In the neighborhood of ) $ 489,000
Down Payment $ 400/4000/40,000
Interest Rate 4%
Mortgage Term 30 years
Payment $ 2, 338 / 2, 320 / 2, 137

This may not be all banks’ takes, and the interest rate may affect things a little, but isn’t mortgage rate suppose to be somewhat uniform across the board in the US? As it stands, there seems precious little monthly advantage to making a larger down payment. Why is that? Why is it that so much is required.

The mortgage calculator at www.mortgage.org (for example) doesn’t even take into account your initial down payment, only the loan amount. Is that an important difference?

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