Should I spend 45% of my \nincome on a mortgage for \na condo?
404421
nope. banks might lend ya up to that much, but you're better off keeping the ratio around 25-30% if possible. one bad run of luck with your job, and you lose everything....
765735
Adjust it for the rental conditions in your area. Don't look at the percentages.If you can easily get x dollars a month, then increase it to x dollars. Remember, this is a business.\n\nRegards
189267
I would suggest 20% of the selling price. You must also think about the extra fees, such as taxes, title insurance, lending fees, closing cost, etc. that will add up quickly, and is usually expected out-of-pocket at the time of purchase. \n\nIf you are a first time homebuyer there are programs out there that will deviate some of those fees, but then if you don't have 20% down you will have to pay mortgage insurance, and from asking around I've noticed it's an average of $100 on top of your monthly mortgage. \n\nHope this helps, I am a first time homebuyer and have been investigating this a lot!!! Good luck!!
128678
This may sound stupid cause i have no clue as what you should do.But at the same time i just had a conversation with an attorney friend the other day and he had a condo out there and sold it to someone and a year later that someone sold it for triple the amount..\nSo keep it cause in the long run it will pay off..
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
1091650
The best option for you would be to find others with 30k to invest and see about setting up a REIT (real estate investment trust). Think about it, get 10 people together and now you've got 300k to work with. At that point, you can put the money down on a strip mall, apt complex, etc... Commercial real estate is very lucrative and often you will walk in cash positive. In fact, you can't buy the place (conventionally) unless you are cash positive. You get to see the previous owners 3yrs of financial records to tell you if it's going to yeild you a return or not and so on.
76724
Yes and you should. The finance company your realtor will try to get you to use is probably going to want a higher percentage. And they can charge you that because they get so much business from the realtors. Dont let the realtors shove you into their finance company. Do an online search if you want. \n\nIve sold one house and bought two and I have always used my own finance company.
405838
If the loan is only $45000 and you want the payments under $600, first I would want to know if the taxes and insurance are included in your $600 payment.  Otherwise, it depends on you.  A 45,000 loan for 30 years at 15.8% is only $597.89 monthly.  That is a really high rate by today's standards.  A 12% rate, not bad for owner financing, is $462.88 monthly over 30 years.\n13.0% = $497.79\n12.5% = $480.27\n12.0% = $462.88\n11.5% = $445.63\n11.0% = $428.55\n10.5% = $411.63\n10.0% = $394.91\nHope this helps...
180976
The 30yr mortgage rate will probably not move until the end of April.At that time it looks like it will go up .05% . The sooner you lock in the better.
766351
You have to look at the condo as you would any other investment.  Do the condo rules allow you to rent out the property if you needed to relocate for school?  Would such an asset disallow you from any low rate student loan programs for medical school? Can the property be sold in a timely manner if you needed to liquidate?  Are the property values rising at fast enough rate to justify the initial investment?    I realize these are more questions than answers but they are all important to your issue.  The most important one is the last one because real estate is just like any other investment if you are looking on a short term basis.
339953
Call a random mortgage company and ask them this question.
169742
If you have good credit, you can do it. DOnt fall for thos infomercials. Just keep in mind that there will be closing costs whcih you will be responsible for..those aren;t normally covered in mortgages...\nSo...if you have good credit and are willing to pay a higher monthly payment..then yes...good luck!!
148202
1- You are looking at a rate of 6.25% in IL. I ran it through Provident Funding as a 30yr fixed, full doc, 80% LTV/CLTV, second home, $288,000 loan amount, with a 21 day lock period. This assumes all the information you supplied is accurate, and that your DTI (debt to income) does not go above 50%.\n\nThat is a rate that the mortgage company would be ok with selling you. If you are being quoted higher than that, then feel free to talk to me and I will let you know if you are getting a fair deal or not.\n\n2- Your Mortgage company can usually get you at least as good of rates as your local bank, unles you typically carry a very high ballance with them. You would be surprised ... you Mortgage Company is propbably signed up with your bank to do loan through their wholesale side, as opposed to your retail rates they would offer you direct.\n\n3- When a good time to go through with it is completely up to you. If you are in a situation where you can offord it, and are comfortable with it, then do it now. No one can make that decision but you.
127550
You should payoff your mortgage if you have the money anyway.  The tax credit isn't worth the interest payments on a 30-yr mortgage.
570017
Maybe. It depends upon the local real estate market. It also depends upon your definition of Investment. Are you looking at paying cash for a home there in the hopes of seeing the price go up in order to make a profit? OR are you looking to pay cash for this home to Live in either full or part time? I would hesitate if you are looking at using it as an investment vehicle. Most of the time Real Estate is a Liability with Maintenance, insurance, utilities, Property Taxes, association dues etc... That exceed the annual appreciation of the value of the property. My question to you is Do YOU REALLY NEED 2 houses? If not, put your money elsewhere to grow. Unless you are looking to purchase property in one of the few areas that are involved in states of Hyper-Inflation of property values, your money is better invested elsewhere and you can use it at any time to buy property where you want to live. Examples of these are the Ridiculously overpriced Condominium market in Florida and the WAY overpriced houses in Southern California. I believe that these growth rates are unsustainable and many people are going to lose their shirts there eventually. \n  Point is I would need alot more information to make an educated answer to your question beyond Maybe.
1081491
Buy a house and invest the rest
941026
I suspect you want ball park idea rather than an exact quote.  As a rule figure 2.5 times your annual income is what you can get for a house, in your case lets say $135,000.\n\nYour credit score indicates you might want to aim lower to get financing, perhaps a small condo, then build score up.  The lower the credit score the more difficult it is to get financing and the higher the rates.  Building your score up doesn't take long, but does require effort.\n\nThese are just guesses, many variables come into play, but hope this helps a bit!\n\nCongrats on future new home!