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waytoodeep03

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there are a lot of other factors involved. You need to figure out how good your credit is, how much you have to put down, how much taxes are and a slew of other things you'd never would of thought about.

Check out www.realtor.com it's a pretty good site and has pretty up to date info on homes and property in your area

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Depends... If you put 20% down you don't have to pay mortgage insurance. If you live in a condo complex or certain neighborhoods you'll still have to pay HOA. Taxes are different in every county/city. So yeah... Depends on a lot of things.

 

Straight up PMI for $700/mo would be about $100,000 loan with no down payment and mortgage insurance added in.

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Originally posted by Rowka

Not to mention location location locaton.


I can get a lot more house in Jacksonville, FL than I could for the same money in Woodbridge, NJ.

 

North/Central New Jersey housing prices have risen out of hand!:eek:

I bought a beach cottage in Ocean Grove in 2001(about 550sq.ft.) for $132.000.

I wouldn't be able to afford my own house again, at the current market.:confused:

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My condo was 130k we have good credit and the mortgage with all taxes, fees, etc. is $932. And thats for a large (1000 sq foot) 1 bedroom condo. If you are looking at $700 a month, good luck. you may need to mover to rural WV, KY, TN etc. or get your self a nice double-wide :p

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Originally posted by waytoodeep03

Anyone know how much house I can get for the equivalent to 700 rent payment?

 

in a rent payment you get some things included?

water and local rates etc?

 

when you buy you will need to pay for those and insurances and some allowance for maintenance and breakages.

 

over here a 100,000 mortgage will cost you 645

then you need to make some allowance in cash for the legal fees to buy...which arent too much 300

and fittings and furnishings...

contents and buildings insurance and any other for drains etc

 

i would guess if you stayed around 95k-100k you would be ok...pun there...

 

you will need a deposit..:rolleyes:

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This is part of what I do in my job so I can say that the assessment of around $100k mortgage is close.

 

HOWEVER, that will depend upon additional factors such as your credit score. If you have excellent credit (mid to upper 600's) you'll get the prime rate and the $100k will be about right. But, if your score is lower your interest rate rises and that $700 a month doesn't go much further. If you have a 10% interest rate that's a big drop in how much of a mortgage you can get and therefore, how much you can buy a piece of property for.

 

You may be able to get 100% financing which means you won't have to worry about a deposit if you don't already have one saved. The people you're buying from would have to feel comfortable not taking a deposit prior to the sale...some aren't and will not sign the sale contract with you without a deposit.

 

The best thing you can do is call a few mortgage companies and have them run your credit and get yourself preapproved. Whatever amount they preapprove you for, subtract about $10k and that's your price range. I say subtract about $10k because once they get more in depth in actually approving you for a mortgage, usually a few minor things pop up that reduce your debt to income ratio (the amount of monthly debt you have versus the amount of monthly gross income you have).

 

Unless you live somewhere rural or want to live in one of the worst neighborhoods in the city, I suggest doing what you can to increase the amount you can pay each month (a new/better/second job, etc.)

 

And like everyone else said, remember to factor into your monthly payments property taxes, insurance (both of which can be figured out fairly easy prior to purchase by getting the 2006 annual tax amount from the town and an estimate from the insurance company for the type of house you're interested in), utilities (I called all utilities on my house and got 1 year of payment history before I bought, just to make sure I'd have enough each month to cover everything). You'll also have to have several thousand dollars ready at the closing for attorney's fees, recording costs, closing costs, etc.

 

If you have specific questions or need more 'tips' shoot me a pm or something.

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Originally posted by Ted Striker



Tell me about...
:rolleyes:

 

I live in Toms River NJ... bought my place in 97. It's 2 houses on the same lot. I picked the pair up for mid $80k cash & 'as is' from a motivated seller with help from a "cash out" loan on a home my pop-in-law inherited. We sunk another $10k into the bigger of the 2 houses and rented it out within a month. The smaller was in ok shape, but I'm still fixing it up.

 

average monthly cost of the place:

$1500

monthly rent paid by the tenant:

$1000

 

and at ~$500 monthly out of pocket... I'll own it free and clear in another 8 years (if I don't have to hit it up for a new roof :-/ ).

 

Jersey ain't THAT bad if you stay away from the city and ocean

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