Lawrence Home
How much are payments for home loans?
Me and my husband are wanting to get a house and make payments. Remax is selling one for 127,000. I don’t know how the whole thing works you know like what all the costs are. I never bought a home before and were on a low budget and need more room for our growing family. I live in Lawrence KS where living costs are one of the highest in the state.
This home is a forcloser. do I have to wait for it to be up for bid or can I get it now.
First off, Never buy from the listing agent. Find yourself a buyer’s agent. In this current market in most of the country, there’s no reason to pay asking price. Furthermore, the fact that it’s a foreclosure means it’s less valuable than comparable properties because the lender is exempt from disclosure requirements. There will also likely be damage.
The standard acronym used for housing costs is PITI. This stands for
Principal and interest on the loan (PI)
Property Taxes (T)
Homeowner’s Insurance (I)
However, there are other expenses to consider as well
Homeowner’s Association Dues – most newer developments have them even if they’re detached single family. Pretty much all condos do.
Maintenance -obvious
Temporary Assessments, such as Mello Roos in California
as of yesterday, in California (rates vary a little from state to state, depending upon how difficult the law makes a lender’s life), I had a 6% thirty year fixed rate loan for less than 1 point. But that was California, and it doesn’t answer the question of whether you qualify for that loan. But even if you do, it’s not a straight math problem if you don’t have 20% of the price for a down payment. Splitting the loans is usually better, but second mortgages don’t want to go above 90% of the value of the property right now, so if you don’t have at least 10% to put down, your choices are PMI or no loan.
I don’t know your market, but I’m going to assume you can get the property for $115,000. Assuming you have 20% to put down, your payment on $92,000 would be $551.59 at 6%. If you don’t have anything to put down, you’d be looking at $689.48 on $115,000, plus whatever PMI ends up being (roughly $100, were you here in CA, but then, the property wouldn’t be that cheap here, either.) I have no idea of KS property taxes, insurance, or anything else.
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