Looking to buy a house 500k with 150k to put down please hel

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amother

Blonde

Thu, Oct 13 2016, 4:27 pm

Hi we live in staten island NY and we want to buy a house for about 500k we will buy little out bc in the central area its already 700$ but we checked out the mortgage rates they come out 3000$ for 20 years!! It's outrageous how do pple do it???
Like I can't just relocate now bc I can't afford a house... And I can't move to pay more rent bc it's too expensive also but bh I having another baby and my Apt I'd getting too small...

doctorima

Thu, Oct 13 2016, 4:33 pm

Most people take out 30-year mortgages to lower the monthly rate, not 20. But don't forget that you also have to pay property taxes and homeowners insurance together with your monthly payment. The smartest thing would be to call a mortgage broker to help you run the numbers and see what's realistic for your situation.

amother

Blonde

Thu, Oct 13 2016, 4:53 pm

Thx but for some reason 30 years mortgage is 2700 so obviously paying a lot of interest.. For 300 a month seems crazy

doctorima

Thu, Oct 13 2016, 5:15 pm

I hear what you're saying. As I mentioned, I would strongly suggest that you call a trustworthy mortgage broker to discuss your options and see what makes financial sense in your situation.

amother

Burgundy

Thu, Oct 13 2016, 5:19 pm

We're in similar situation. Of course the 20 year mortgage makes more sense in the long run but if squeeze that tight each month there's a risk of losing the home and the $150k down so obviously that is not financially smart so going with 30 year. Can always be refinanced and or pay back more beh when finances change for the better.

lfab

Fri, Oct 14 2016, 9:48 am

If you are buying a roughly $500,000 home and putting down $150,000 then you would need to take out approximately a $350,000 mortgage. With those numbers, even adding in taxes and insurance $3,000 a month sounds high. Not that I know that much about mortgages, just based on other numbers I've heard people discussing it seems high. As others have said, your best bet is to talk to a good mortgage broker to figure out the exact numbers for your situation.

amother

Tangerine

Fri, Oct 14 2016, 10:41 am

We have a 30 year - 300,000 mortgage (refinance) at 3.6% - Including property taxes (about 6,000\year ) and home owners insurance our monthly payments are slightly over 2000. (not 3000). Without those its probably around 1500. I doubt 350,000 would be that much higher.

I would say take out a 30 year mortgage, you can always refinance or pay it off faster - if the payments are lower you are less likely to have issues.

Israeli

Fri, Oct 14 2016, 1:23 pm

We took out a mortgage for 650k and our monthly payment is 3500 including taxes and insurance. Something seems off with your numbers

amother

Brunette

Fri, Oct 14 2016, 1:37 pm

You ladies are very funny. Property taxes differ greatly in different places, and that might make all the difference.

We took out a 395k mortgage at a great rate of 3.65. Our monthly payment is 1800 but with insurance and taxes (of 12500/yr) it comes out to abt 3000.

OP might also be getting a house with someone else as the owner or co-owner and her interest rate will be higher.

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