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erknee · Joined: 17 Jun 2008 Posts: 1 1.54 Dollars($)

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?

adonis · Posted: Tue Jun 17, 2008 9:26 pm Post subject:

Welcome Erknee,

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 .

brian1 · Posted: Wed Jun 18, 2008 12:05 am Post subject:

Welcome to the boards
You will have options based on the loan to value ratio
The better your scenario the better the options
Tell us more

Brian

Guest

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.

Niicss · Posted: Wed Jun 18, 2008 6:14 am Post subject:

Welcome Paul,

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 Smile

brian1 · Posted: Wed Jun 18, 2008 11:05 am Post subject:

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

Good Luck
Brian

gmakerley · Posted: Fri Jun 20, 2008 1:52 pm Post subject:

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.

Guest

Hello! The only debt that we have is credit cards. We owe $15,000.We do not have anyother debt. We need to get another place because our mobile home was damaged during hurrican Rita. Should we pay this down before trying to apply and if so do we have to pay all of this before we apply for a mortage. Our mobile home is payed for.Thank you for your time.

gmakerley · Posted: Mon Jan 19, 2009 1:37 pm Post subject:

g. mathis, it's not really possible to answer your question without more information. more important than the outstanding balance of $15000 is the monthly payment(s) required of your credit cards. from there, of course, what is important is your income.

are you planning to buy another mobile home, or a stick-built home? there aren't many who are mobile home lenders on this forum, though you can still get some insight.

give us some more information, and i'm sure we can give you some reasonable answers.

Guest

I live in Charlotte NC, I own my house, this has a mortgage, I also own a townhouse outright, near the University here....I want to buy some property near the beach which is 150 miles from where we are now...In order to qualify for the mortgage on a house of $50000, they want me to jump through many hoops to make them happy...Can I get a mortgage on my townhouse, and use the money to buy the beach house?

Thanks

jameshogg · Posted: Thu Jan 19, 2012 12:19 am Post subject:

Hi Daniel,

If you have the required credit score and income, you can apply for a mortgage using the townhouse as the collateral. You should contact the local lenders and apply for a mortgage with them.

Thanks

gmakerley · Posted: Thu Jan 26, 2012 1:10 pm Post subject:

I agree with James, Daniel - your mortgage-free home in Charlotte ought to serve you well in providing the funds for the purchase of the second home.

Keep in mind that obtaining a mortgage requires that you jump through hoops all along the way, whether it's a primary home or a vacation home.

Guest

Thanks guys

smithsussane · Posted: Mon Feb 06, 2012 11:56 pm Post subject:

You're welcome, Daniel!! Smile

gmakerley · Posted: Wed Feb 08, 2012 1:10 pm Post subject:

Graciously standing in the gap for us, Sussane.

I concur, Daniel - you are welcome.

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