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,
Best of luckâ€¦ and welcome to the wonderful world of real estate.
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.
NH Seacoast Broker