Financing in Norfolk>Question Details

Shawnett Jon…, Both Buyer and Seller in 23513

All things considered, taxes isurance, etc... using a fixed rate loan if I wanted to keep my mortgage at about

Asked by Shawnett Jones, 23513 Thu Feb 14, 2008

$1650 or less what price range of house would I be looking at. My husband also has a va benefit we could use for a no-no. We would more than likely go another direction and do a down payment though to lower the financed amount thus lowering our monthly payment. We earn well over the median 60,000 two income average for virginia.

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Email Rod McNeill he is my brother inlaw and very knowledgeable especially in the market financing.

rodcentmtg@aol.com
Web Reference: http://www.whosdoingit.com
0 votes Thank Flag Link Fri Apr 25, 2008
Shawnett,

There are several other factors that greatly affect your question such as the interest rate, property taxes, and insurance. If you're only referring to the mortgage, here's an approx. breakdown.

$275,000 mortgage at 6.00% = $1,648.76 monthly principle & interest
$300,000 mortgage at 5.25% = $1,656.61 monthly principle & interest

You can see how the interest rate you qualify for will greatly affect your payment, and lenders do factor in taxes and insurance when qualifying you for a mortgage. If you want your mortgage payment to include taxes and insurance, then you would need to be looking in the approx. $225,000 - $245,000 price range.

Again, there are other factors that must be considered so speak to a lender and Realtor for more accurate information that pertains specifically to you, your credit profile, and credit score.

Frank Biganski, Realtor ABR
0 votes Thank Flag Link Fri Feb 15, 2008
From my understand (and personal experience)- using a fixed rate loan with taxes, and insurance- you should expect to pay about 1% of the purchase price. (it can be less if you have a substantial down payment) I would start by contacting potential lenders. It doesn't cost anything to do so. Good luck with everything!
0 votes Thank Flag Link Thu Feb 14, 2008
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