how many points can you pay on a mortgage?
456695
I am assuming you are asking one of two questions...\n\n1) How far can I buy my rate down with points? or,\n2) What is the maximum amount of fee's/points I can be charged?\n\n1) This will depend on the type of loan be it an A-Paper or Sub-Prime deal. All of the lenders will have a floor rate for your specific product. Say you are offered a 10 year ARM at 6% with no points but you decide to pay 1 point to get a 5.5% rate; great you say, what if I pay 4 points thinking this will get you 4%... Wrong, the floor for this product maybe 5.375% minimum... (I made these number up BTW). An A-paper product will typically have a lower floor than a sub-prime product plus many lenders will only allow you to apply so many points for buy-downs.\n\n2) If your asking what the maximum 'points' in fees can be this will vary state to state and by transaction type. For instance FL is an 8% state on purchases meaning that adding all of the fees for origination, loan discount, appraisal, credit report etc, etc... can not equal more that 8% of the loan amount before it is a high cost loan. In Texas on a cash out refinance the maximum fees are 3%... Many lenders use a 5% cap across the board excluding Texas just top be safe.\n\nI hope this somewhat poor explanation is what you were looking for.
660151
Yes, you will be able to get another mortgage, however you will pay a higher interest rate, larger fees and jump through more hoops to get it.
331596
As long as your credit is above 500 you can buy the house now.  That mortgage reporting to your credit will rapidly increase your score- much faster than small credit cards as long as you pay on time.  You would generally want to opt for a 2 or 3 year ARM loan to benefit from a lower interest rate and it gives you a fixed period of 2-3 years before the rate can adjust.  During that 2-3 year period your credit should improve so that you can refinance into a better fixed rate.  You will also have more equity in your home that you could use to pay off bad debts to further increase your score.  Bottom line is a mortgage payment made on time will increase your score much faster than anything else.
319764
How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don't mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.
123039
No, that's not possible.  Even if you paid 0% interest, that would take 87 years, 6 months to pay back.\n\nA $420,000, 30-year fixed rate mortgage should be just a little over $2500/month today.\n\nFor comparison, my $90,000 mortgage is over $600/month.
1171176
NO - NOT AT ALL - LENDERS WILL LOVE YOU - 500 IS THE LOWEST A LENDER WILL WORK WITH (ON A HOME MORTGAGE) AND THAT IS NOT 100 FINANCING - YOU COULD GET 100 PERCENT FINANCING ON A HOME / AUTO, ETC.  THE HIGHEST i HAVE SEEN IS 805 AND THAT IS AWSOME, THE AVERAGE IS 580 - 720  - THERE ARE NOT MANY OVER 720+  SO  YOU ARE DOING GOOD - LOOKS LIKE YOU PAY YOUR BILLS ON TIME, AND KNOW HOW TO MANAGE YOUR MONEY - CONGRATULATIONS.
537125
YES YES IF YOU HAVE AT LEAST A 580 CREDIT SCORE (SHOWING W2) I DO NOT HAVE PMI OR MI WITH 100% WE ALSO OFFER 6% CLOSING COST TO BE ROLL INTO THE MORTGAGE FOR A TOTAL OF 106  I AM A SR LOAN MANGER AT A MORTGAGE BANK . ANY QUESTIONS PLEASE EMAIL AT JOHNG@OLDMERCHANTS.COM
969437
maximum is usually 3.25 x joint salary although abbey have recently introduced 5 x. You will need to provide payslips/P60 as evidence of earnings. In theory you should be able to borrow anywhere between £94250 and £145000.\n\nYou could also do a self certified mortgage, where you simply tell them how much you want, and that you can afford it, no need to prove earnings that way, but don't be tempted to push things to far past the normal limits.\n\nYou will need a deposit as well, 10% is considered about normal, any less and you will end up paying an indemnity premium on top of the mortgage.\n\nTake a walk down to your bank and have an informal chat with them \n\nRemember your house is at risk if you do not keep up payments on a mortgage or other secured loans
1137025
get as many points as u can
851366
If you send one extra payment per year, I think it takes off something like 6 or 7 years off your mortgage...good for you if you do it!
467046
Not a problem:\nhttp://www.mortgage-calc.com/\n\nQuick, easy calculator
924620
You can pay your balance or part of a balance higher than the  minimum payment anytime before the due date. Some lenders will allow up to 3-payments without penalizing you for it. \n\n\nWith a $500.00 Credit Line you need to be ware that you cannot use more than 50% of the credit limit., keep your utilization low, this mean only use $250.00. and try to pay the balance in full every month.
217256
need more information to answer your question, I am a mortgage broker, just e-mail me with more specific information and I will try to help you with you question
250451
Typically, in my experience, the highest mortgage you should take on is approximately 30-35% of your gross income - monthly.  As far as a specific dollar amount for you and what you can afford given your plans for saving, it depends on your combined gross income, your current obligations, and spending habits.  Hope this helps you.
839154
Whoa!\n\nAs a former mortgage firm owner, here is the correct answer to your question:\n\nAs a cost to you, one point equals one percentage of the loan.  (If you pay one point on $100,000, you PAY $1,000 to the lender)\n\nWhen points are used as discounts, you are basically paying the lender to decrease your interest rate for the period of the loan.  If you have a 30 year fixed loan, you will pay the lender "points" to secure a lower interest rate.  For example, when you pay "one point", your total overall interest rate may be decreased by .25%.  So instead of paying 6.25%, you will only be paying on 6.00%.\n\nWhat this means:  You save .25% interest over the entire course of the loan.  On $100,000 loan, this would save you $16.17 per month on your loan.  Multiply this monthly savings by 30 years, and you will save $5,821.\n\nPaying points, if you are going to hold onto the mortgage, is generally always a good idea.  \n\nThey key with paying points is to determine how long it will take to recoup your investment.  In our example, if you save $16 per month, it will take you 5.15 years to recoup the $1,000 you paid in "points".\n\nIf you want to calculate your own savings, you'll need a mortgage calculator (free on the web) to find the savings in mortgage interest rates.  Simply punch in the before and after rate scenerios and compare the difference in payment.  Then divide that amount into how much the "points" are going to cost you.  The number will be how many months you will need to wait to recoup the investment.  Divide by 12 to determine the years.\n\nYou can also forward this to your broker and ask him/her to come up with a list of point options and their expected recoup time for each.\n\nAs a mortgage broker, I always recommended paying points if I had customers savvy enough to understand them.  Overall they are a good deal.  Simply make sure your "discounted" rate isn't the regular rate offered somewhere else.  In that case, the "buydown" is just going into the pocket of the broker.\n\nBest of Luck.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
769918
Apparently some mortgages are now based on affordability, ie you show them what all your outogings are and they assess what you could comfortably pay. So if you're single and don't have children, you might be given more. Also if you have no other debts this will help too.