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 aladysiren
Joined: 10 May 2007
Posts: 22
8.78 Dollars($)
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 Posted: Thu May 10, 2007 7:40 pm Post subject: Can i receive a descent mortgage with this one obstacle?? |
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Hello to everyone i'm a single female who would love nothing more than to own my own home. I would like to know will it be really difficult to maintain a mortagage and receive a resonable mortgage with just one income?  |
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sara
Joined: 05 Jul 2006
Posts: 1072
Location: New Brunswick, New Jersey
203.30 Dollars($)
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| Posted: Thu May 10, 2007 8:39 pm Post subject: RE: managing mortgage |
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Hi Aladysiren,
Welcome to the forums.
It's not difficult to manage a mortgage even if you're a single woman. Thta's not a problem. The fact is, you need to maintain the payments at regular interval. For that it is better that you go for a loan that suits your affordability. I have come across people who have taken out loans that they cannot affrod to pay in the long run. What's more important is taking care of your budget and expenses. That'll will help you in making monthly payments towards the loan. And, of course, you need to shop for the right lender who is going to guide you well with information regarding what loan programs would suit you better and take care of the fact that they service you well.
I guess you are thinking of taking a mortgage. If you have any more query, feel free to ask. That will help you in dealing with the lenders and get well-informed about the loan process.
Take Care |
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colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Fri May 11, 2007 1:33 pm Post subject: |
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Hi Siren,
| Quote: | | I would like to know will it be really difficult to maintain a mortagage and receive a resonable mortgage with just one income? |
If you do all the calculations regarding how much your debt payments are each month, & how much monthly mortgage payments you would be able to afford, then you will not face problems in continuing your mortgage.
Selecting amount of mortgage and its type is important so that you remain comfortable with the payments up to the time mortgage gets paid off.
Colin |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.15 Dollars($)
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| Posted: Fri May 11, 2007 2:53 pm Post subject: |
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| Quote: |
Hello to everyone i'm a single female who would love nothing more than to own my own home. I would like to know will it be really difficult to maintain a mortagage and receive a resonable mortgage with just one income? |
Hi Siren,
Welcome to Mortgagefit discussion board.
Homes price will decide the amount of mortgage you can get.
Now if you purchase a home for $300,000 and suppose mortgage payments come to about $1500 every month and you can afford to pay only $800 with your income, you will definitely be in a spot of bother within a few months.
So, what I am trying to say is, find out how much you will be able to afford paying and based on that select the home to purchase. It should not be like purchasing a bigger home and not calculating if you will be able to pay for it.
Do let me know if you have any other questions.
Thanks
Blue
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Fri May 11, 2007 3:32 pm Post subject: |
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You need not be sad aladysiren, getting a mortgage won't be a problem if you develop clear understanding of what would be proper for you. Tell us more about your profile so that we can give you a better idea of what would be right for you.
Miller |
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aladysiren
Joined: 10 May 2007
Posts: 22
8.78 Dollars($)
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| Posted: Fri May 11, 2007 5:48 pm Post subject: |
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| Thank you for your replies i will think about what i can afford and give you a more detailed information on what i can work on paying. I did not realize i was not logged in. |
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