Home Buying in Cleveland>Question Details

Tbone4110, Home Buyer in Cleveland, TN

I have a 770 credit score and a great job. I'm 26 and I want to buy a home. What could I expect to pay per month for financing 200k?

Asked by Tbone4110, Cleveland, TN Wed May 2, 2012

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That is a great credit score as a young person. I know that lenders are looking to fund people with higher credit scores but they are also looking for people that have an established credit history, like years with a credit card and a balance or car payments and what not. Lenders will take many things in to consideration including weekly, monthly, annual income as well as job status over the last few years. All of these things make a difference as to what interest rate they will offer you. Your payments will be based on how much money you use as a down payment, if you decide on a 15 or 20 or 30 year loan and your interest rate of course.

I closed a deal last friday where the buyers had a similar credit score with approximately a $300,000 with a 4.75 interest rate and there payment was right at 2,000. I'm guessing you would be looking at about 1,300 or something close to that.

Call me and we can discuss this further or I can get you in contact with a couple of my best lenders and you can find out some more details.

Thanks,
Matt
310-261-6730
http://www.mattsellschatt.com
1 vote Thank Flag Link Wed May 2, 2012
Great answer! I was having the same worry except my credit score is just under 700, could I still get a reasonable rate? Thanks Matt!
Flag Wed May 2, 2012
Dear Tbone;
If you will e-mail me I will provide you with a side by side total-cost-analysis of various loan programs available in the area for a home financing of $200k. Included will be the appropriately required information such as APR and closing costs. What is not disclosed below is what is required to obtain the payments advertised below.

For my clients I prefer to work from a financial strategy that coordinates your goals with a payment and a financing plan that meets your personal goals. This personal approach helps guide clients towards mortgage success and financial freedom.

Kevin Sipe
Home Loan Specialist
Churchill Mortgage
NMLS# 962172

423-899-6898 ext. 15 office
423-991-1234 cell
423-899-6547 fax

kevin.sipe@churchillmortgage.com

churchillmortgage.com

Churchill Mortgage
1510 Gunbarrel Road
Suite 400
Chattanooga, TN 37421

NMLS ID: 962172
Company ID: 1591
Branch ID: 366125
TN-114429
0 votes Thank Flag Link Mon Mar 11, 2013
GOOGLE; "mortgage calculator"
There are a bunch.
Chose one and play with it.

have fun

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 2, 2012
Succinct list of what affects your monthly payment:
1) length of mortgage
2) down payment
3) interest rate
4) property taxes
5) property insurance payment
6) mortgage insurance


It's hard to give you a valid answer because putting 20% down on a conventional loan with a $5000 property tax will be very different than 3.5% down on an FHA loan with a $6000 property tax. Some people put minimum money down and some people put larger amounts down to reduce years or payment amount. Without specifics, it's hard to give you an accurate answer.
0 votes Thank Flag Link Mon Jul 2, 2012
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