Home Buying in 03053>Question Details

Nicholas, Home Buyer in Londonderry, NH

Do you think I can get approved for a 15 year morgage in the neighborhood of $100,000?

Asked by Nicholas, Londonderry, NH Mon Jul 7, 2008

I plan to make a 10-20% down payment. I am 22 single and no kids. I make over 2500/month after taxes. No student loans or anything like that. My credit score is over 800.After all my expenses including rent I have about 1500/month left over.

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Scott Godzyk’s answer
With the information you provided, there should not be a problem. You should definately consider your goals when applying for your mortgage. Being 22 and no lids is this the house you are going to live in the rest of your rlife? 10 years? 5 years? Choosing your mortgage is as important as choosing the right property. You want to keep your payment affordable and get the best rate and terms all at the same time. Please feel free to email me sctprop@aol.com if you would like some referrals of some great mortage people and as well i can help you find the property that is right for you. I work extensively in this area and would love to help you out. Good luck and i hope to hear from you.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Jul 30, 2008
Hello Nicholas- Good luck with your search. I'd be able to write you up a no-obligation mortgage preapproval letter if you'd like. My guess is it'd be no problem.
Rates have come down a little in the last couple days. Right now for a 15 year fixed rate mortgage, with 20% down, you are looking at a mortgage rate of roughly 6.375%. Over 15 years, that equals a PRIN & INT payment of $864/month. Plus you need to add for prop taxes and homeowners insurance. If I can be of help, please let me know. Thanks,

Ken L.
0 votes Thank Flag Link Tue Jul 29, 2008
The short answer is yes. However it does bring up a few questions. 1, what are you short term goals with regards to real estate. 2, what are you mid term goals and lastly what are you long term goals for real estate. For example if you are looking to purchase something for the short term to get your foothold into the real estate market a 15 yr mgt may be the way to go. You would pay down principle faster than a 30 year and when you are ready to take the next step and buy up you would have more equity in your current property that could be rolled into the next property. Assuming you have a lower loan amount on the first property the 15yr payment would be easier to afford then when you move on to your second property. Now on the other hand if you are thinking of buying now… and down the road holding on to this property as an investment then it may make more sense to take the 30yr payment as you will hold the property longer and have a better chance of the rent’s covering the mortgage cost. My advice for you is to call thee LOCAL lenders. By local I mean banks/brokers that are in your area. You can look over all three.. mind you the one who shows the best interest rate may not be the best overall value. Compare the APR and the Rate. If the rate is lower on one and the APR higher there are more closing costs build in to this loan program and there is a good chance you may be paying a point and not even know it. A mortgage lender can go into the details with you.

Best of luck… and welcome to the wonderful world of real estate.

Eric West
0 votes Thank Flag Link Wed Jul 16, 2008
Hi Nicholas,

You ask whether you can get approved for a 15 year mortgage of $100,000. No doubt there will be mortgage lenders standing in line to speak with you about your loan--but there are a few things to add into the mix of your decision. First of all, the payments on a 15 year loan will be larger than on a 30 year loan; and given that most people only stay in a dwelling for about 3-7 years, maybe you would consider the smaller payment to be more appealing--ie, consider a 30 year mortgage.
As a single person, 22 years old, your housing needs may change fairly rapidly over the next few years. You may need more space, you may decide Londonderry is not the town for you, you may get a better job and/or be transferred to a different part of the world. All of this is why smaller payments make sense.
Also, while you may be approved to SPEND the amount you apply for, the lenders also factor in the property you are considering. They may be glad to offer you the mortgage of $100K, but only on a single family home--as opposed to a 3 family. So your question, which is a good one, is a little vague on how you would spend the borrowed funds.

Dane Hahn
NH Seacoast Broker
0 votes Thank Flag Link Mon Jul 7, 2008
PIECE OF CAKE!!!!!!!!!!!!!!!!!!!
0 votes Thank Flag Link Mon Jul 7, 2008
You sound like the buyer, every bank is waiting for. Your next step is going to a bank/mortgage broker and getting a loan pre-approval. After that, find a Realtor, find a property, then make an offer! Good Luck!
0 votes Thank Flag Link Mon Jul 7, 2008
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