5 Thoughts on right new 2 all this house stuff how much do u need 2 get a mortgage and if i got 1 for 125,000 how much would
  1. Reply
    §ξńŠÅĺ
    April 4, 2013 at 1:56 am

    300-500 something like that

  2. Reply
    amoribunddream
    April 4, 2013 at 2:48 am

    depends on the APR…and your bank. It vairies. I am looking at getting a house myself.

  3. Reply
    Plastic Utopian
    April 4, 2013 at 2:51 am

    you should put down 20% no matter what price the house is. your bank should have a card where you can match up interest rate, principle of loan, and life of loan, because all that u need to take into account. Also, home insurance and property taxes are taxed onto that, making your payment much higher than you would expect. so u need to plan for that too.

  4. Reply
    Elizabeth A
    April 4, 2013 at 3:34 am

    The minimum down-payment is 5% ddepend on your credit. However if you put down less than 10% the bank require that you have to have insurance for your loan. How much you pay per month is depend on the term of the loan. 15 years 30 years. You can get 3 to 5 years and pay off at the end of 5 years. and the interest rate. Ask your loan consultan. Your Real Estate agent must know the answer to this question better than I am.

    Good luck

  5. Reply
    Randall Parker, MBA
    April 4, 2013 at 4:26 am

    I’m not sure where you live, but in California 125K doesn’t buy much of a house.

    Since this appears to be your first house, you can qualify as a First Time Homebuyer with FHA. $ 125K is well within conforming limits, so you should be able to get 97% LTV financing. With a down payment assistance program or help from the seller, you can walk in with no money out-of-pocket.

    Find a mortgage broker in your area who does FHA loans. S/he can give you more specific information on interest rates and payments for your situation. No one can lock a rate until they have a full application, credit report, and underwriting approval from a lender.

    Good luck, and enjoy your new home!

    P.S. Do keep in mind that owning a home differs greatly from renting. You have Taxes & Insurance to pay (add 25% to your payment) as well as maintenance, water, and trash bills that you didn’t have as a renter.

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