Posted: Tue Jun 17, 2008 8:48 pm Post subject: Can I get a first mortage on a home I own outright?
I'm looking for a low fixed rate on $75,000 for 15 years. I own my home outright with no liens or mortgages. Home is worth $180000, my credit is excellent. Also, what would the closing cost be?
You can surely get a first mortgage provided you satisfy the criteria involved in qualifying. It's good that your home is free of any lien. You've said that your credit is excellent - what's your FICO score? If it is above 700, you are likely to get competitive rates offered by lenders. Also, try to calculate your debt to income ratio (as your monthly debt payment shouldn't exceed 28% of your gross monthly income).
The closing costs usually vary from one state to another. You'll get an approx. value from http://www.mortgagefit.com/state-fees.html . _________________ Procrastination is the enemy of your financial sucess
Posted: Wed Jun 18, 2008 5:48 am Post subject: first mortgage on a home I own outright
Believe it or not, I have no debt. I put about 2,000 a month on my credit card but pay the full balance at the end of each month. My credit score is also above 700. I just thought a 15 year fixed rate on 75,000 might be good while interest is low. I can get an adjustable home equity loan but I have a feeling rates are on their way up to control inflation.
I feel you are the original poster...isn't it? So have you get logged off while posting. By the way you don't have any debt and you credit score is quite good. So you can apply for a mortgage and FRM is a better choice for you if you are thinking to stay here for a longer period of time.
you can ask for no-obligation free mortgage quote. You just need to give you minimum details. If it suits the lenders, they can help you in providing the loan.
Keep us posted and let us know about your situation _________________ Good is the Enemy of Great.
I think you are wise to look at a 15. Why stretch it out if it isnt a huge amount of money. The difference between the 15 and the 30 yr payments will be minimal however the savings will be huge. Provided you can show documentation of income you shouldnt have any trouble qualifying for a loan.
I agree the Home Equity rates are very tempting right now but they will be on the rise again soon.
I do investments and used a coulple HELOCS as small seconds when I bought back when the prime rate was at 4 and then the payments doubled in a matter of a couple of years as the rates adjusted up. It has been nice to see it come down... but it wont last... it cant inflation is too big of a concern
i have to agree with you about the interest rates, Paul.
with credentials such as yours, you should easily find a good loan. i also have to agree with brian as to the short-term loan being more sensible. with a loan of that size you won't be looking at very large monthly payments in any event. _________________ George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-221-5044
erknee
