(Closed) mortgage help, please!

posted 6 years ago in Home
Post # 3
Member
1137 posts
Bumble bee
  • Wedding: September 2011

A lot of mortgage info will depend on where you live. You should start talking to banks and see what they are willing to give, what interest rates, how much you have to put down not to have PMI, etc.

We purchased our place almost 3 years ago with an FHA loan at 5.50% and have since refinanced to 4.25%. We have to pay PMI since we only put 3.5% down at the time, but are now looking to refinance again to get rid of it.

I think at the time we were approved for 450k FHA, making around 100k a year. We definitely did push that high though, but did go out of our comfort zone (and lived a little tight for the first few months) to get a place we really enjoy.

We had no issues getting approved, but we also had awesome credit and no other loans.

 

Post # 5
Member
1230 posts
Bumble bee
  • Wedding: August 2011

@snoie:  You must have had equity in your house to refinance, right?  We have been in our house for 2 years and would love to refinance we had 5.5 also, but we have no equity 🙁 

Post # 6
Member
1230 posts
Bumble bee
  • Wedding: August 2011

@snoie:  Your credit score is going to be a major factor and obviously your salary, how long you have been working, etc….  Combined we make around 65 grand/year and got approved for $188,000.   We put 3.5 down.  FHA.  We had to clean up a few things on our credit like paying on some dr. bills, etc…..  I am not sure about the student loan.  I think my credit score was around 720 and hubbys was high 600s.  Good Luck!

Post # 7
Member
1230 posts
Bumble bee
  • Wedding: August 2011

@Carolyn72:  sorry that was meant for OP – oopps!

Post # 8
Member
1230 posts
Bumble bee
  • Wedding: August 2011

now i post to myself!  anyway sorry long day!!!  and slow ass computer

Post # 9
Member
1137 posts
Bumble bee
  • Wedding: September 2011

@Carolyn72:  Yea, we do. Not much, but it was enough. The lender we use is used by all of DH’s family, so that helps us as well. We are at 4.25% now, and looked to refinance under that (3.xx) and pay off enough so we don’t have to pay PMI anymore.

Post # 10
Member
1230 posts
Bumble bee
  • Wedding: August 2011

@snoie:  our house value, well everyone’s around here dropped at LEAST 20 grand!  I feel we will never get anywhere now.

Post # 11
Member
1137 posts
Bumble bee
  • Wedding: September 2011

@Carolyn72:  We’ve stayed about the same, maybe increased a tiny bit. We’re in Northern Virginia though, so while things dropped previous, things haven’t changed as much now, at least in our neighborhood.

Post # 12
Member
11272 posts
Sugar Beekeeper
  • Wedding: April 2012

@futuremrsk18:  have you checked online for mortgage calculators?  they will often have a tool for affordability.  it’s not 100% but it gives you an idea of what to expect.

Post # 13
Member
3104 posts
Sugar bee
  • Wedding: May 2016

i’m in the process of buying a place right now (sellers, please accept my offer! or at least stop making me wait for the counter!) so i can tell you my experience.

i make in the mid 70s, credit score in the mid 700s, some debts including 70k in student loans. i was approved for an FHA loan up to $200k at 3.75%. that’s the highest i wanted to go budget wise, so i don’t know if i would have qualified for more.

Post # 15
Member
14445 posts
Honey Beekeeper
  • Wedding: June 2011

Our mortgage amount is about 2.5x our yearly salary, but we didnt go for the max.  We stayed well under what any bank would approve us for so that we could continue to live comfortably and save a lot.  We put down about 25%, and got a 30 year fixed rate and just refi’ed a few months ago at 3.875% – or original rate was 4.25%.  (I hear rates are as low as 3.5% now for 30 year fixed with 750+ credit score).  If you do the mortgage calculators, put in the current rate you think you can get and the mortgage amount youre looking for.. its a straight up calculation and should not give you different answered.  From there, see if that mortage amount is affordable.  Dont forget to take into consideration taxes… and buget in utilities also.  Im’ pretty sure that banks will likely be willing to loan you more than what most people would be comfortable with.

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