Focus on a mortgage that is affordable for you given your other priorities, not on how much you qualify for. Lenders will tell you how much you are qualified to borrow – that is, how much they are willing to lend you. Several online calculators will compare your income and debts and come up with similar answers.
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However as Mortgage Masters clients, their broker has suggested increasing their contribution and bringing the loan amount to under $300,000 ($299,900). So instead of borrowing 95%, they are now at 93.72% – this would REDUCE the LMI premium saving them $3,165 in the LMI fee plus a lower monthly repayment if it was added to their mortgage repayments.
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Mortgage payments explained. Principal: This is the amount of money that you are borrowing and must pay back, which is the price of the home minus your down payment (taking the above example, you’d subtract $40,000 from $200,000 to get a principal of $160,000). Interest: Lenders don’t just loan you the money because they’re good guys.
Florida foreclosures up 35 percent in July The company counted 1,396 foreclosure filings last month. While the year-over-year number was down, palm beach county foreclosures were up 32 percent from June, RealtyTrac says. Florida, meanwhile, remains the nationwide king of foreclosures, with 22,000 filings in July – twice as many as California.
"So it’s now averaging around about $350,000 for those who actually have mortgage debt, compared with around about $160,000.
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What is a Mortgage? A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.
For example, let’s say your maximum monthly payment is $1,250, you have $25,000 for a down payment, and taxes and insurance will cost about $200 a month. That means you could afford a $172,000 house on a 15-year fixed-rate mortgage at 3.5% interest.