what is the best way to to finance a home these days, so my payment will stay the same?

Asked by Michael, Sun Jul 6, 2008

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Nancy Sillers, Agent, Burleson, TX
Wed Dec 30, 2009
Michael, Financing in Burleson
Your question: what is the best way to to finance a home these days, so my payment will stay the same?
It depends if you are buying a home or refinincing. Either way work with an experienced Realtor to point you in the right direction.
One of my first questions I ask Home Buyers is how much do you want to spend a month? Hearing the answer to that questions gives me my first step in helping home buyers. I would sit down and have a consultation with you to find out your other finances and what type of home you would like. The interest rates are great now and the 1st time home buyer tax credit is still available. Contact me to set up an appointment so I can help you. Contact me by me web page. Great Question!
Web Reference:  http://www.NancySillers.com
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Sera Smith, , Plano, TX
Fri Nov 20, 2009
Depends on how much that you have for down payment and closing costs. FHA has the least amount for a down payment with a fixed rate. A conventional fixed rate will have a higher down payment. If you finance over 80% on a one loan conventional, then expect to pay mortgage insurance. The loan itself will be fixed. FHA requires you to escrow, but a conventional loan you can waive escrowing for a small amount. Escrowning means that your taxes and homeowners insurance will be included in your mortgage payment. Taxes and insurance can vary each year causing your mortgage payment to go up or down.

I hope this helps you. If you have any questions, please call me and I can explain more and other options that may apply to you.

Sera M. Smith
Loan Officer
Bluesky Lending
214-405-7264
972-673-4193x152
0 votes
Bill Eckler, Agent, Venice, FL
Sun Feb 22, 2009
Michael,

We recommend that you visit a couple loan specialists for their insight. They will be able to advise you on programs and options for your considerations.

Good luck
0 votes
Derek Taylor, Agent, Burleson, TX
Sat Feb 21, 2009
Michael,

There are alot of factors in that equation, the biggest being what type of mortgage you currently have. The best news out there now is if everything is equal, and you had a fixed rate mortgage, you can likely buy a more expensive house and keep your payments the same. You need to contact a professional to fill in the blanks, but interest rates are lower than they have been in a long time. Let me know if I can help. You can go to my website listed below for more information.
Web Reference:  http://www.SeeASoldSign.com
0 votes
Dallas Texas, Agent, Dallas, TN
Sun Jul 6, 2008
It all depends on your credit scores, down payment, employment history and much more. if you work positively in concert with your real estate agent AND a mortgage broker I am assured you will have solutions to all of your questions resolved. Good luck http://www.lynn911.com
0 votes
Don Tepper, Agent, Burke, VA
Sun Jul 6, 2008
A fixed rate mortgage will ensure that your principle and interest remain flat over the course of the mortgage. Your taxes will fluctuate a bit from year to year. And, if you're in a condo, your condo fees will probably increase.

Still, the biggest chunk of that, by far, is principle and interest. And in today's economic climate, with home values declining in many places (even if the taxing jurisdiction raises the tax rate), your taxes are unlikely to adjust radically.

A good mortgage broker should be able to help further.

Hope that helps.
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