t a lower rate which in turn lowers the borowers monthly pymt which starts at the beginning of next month. Suppose you can save $50 in your monthly pymt if you pay $5000 to by interest rate down at the transaction. Assume that the monthly IR is .75% and compounding is made monthly. Do you choose to pay $5000 if
A. your mortgage is a 30-year loan?
B. your mortgage is a 15-year loan?

why does it only take 5 years to pay off a $50,000.00 vehicle loan but 30 years to pay off a $100,000 house loan

how can I use a Combo loan to save money, my credit score recently fell from 680 to 620 because of a bill for $120 which was sent to collections (Verizon)….., now I’m looking for a way to get a loan done quick, 30 year loan. Purchase price is $180k, I paid 10% already or $18,000. can I do 2 45% loans at the same time say each for $81k?. Is this possible? Any Help is welcomed thanks guys. 10 points are rightfully yours for your help.
What would the cloosing costs be in total? I only have 9k cash to finish both loans? you think it can be done. I found out that with a single 80% loan its about 7,500, but what will it be with the other 10% thanks.

It is hurting me from getting a FHA loan today. The Hud dept said fork up $20,000, even though the case has been closed for over 30 years, to be able to get an FHA loan. Is there a way to get this off my record without having to pay money??

Ok, so I bought a house on January 2 for $519,000. I put a down payment of $25,950 (5%), so I took out two loans: a fixed rate, 30 year loan for $93,050 and an interest only loan for the remaining $400,000, at 6% interest. My payments on the I.O. are $2,000 per month (6% of 400k). The interest only portion of the loan is for 10 years. My question is, what exactly happens after that? I obviously know my payments will increase since the $400,000 will have to be re-amortized over a 20 year period instead of 30 (assuming I don’t put anything towards principal in the 10 years), but what exactly happens to the interest payments? Assuming a continuing 6% interest rate, do they remain at $2,000 per month for the entire 30 years? Ugh, that’s $720,000, just in interest… Perhaps the answer is obvious, but I’m asking because I’ve heard that on a fixed rate, your interest part of the payment is high at the beginning, but gradually goes down. Why?

Both Rates are locked and I need to decide for sure in a few days.

I can either get an FHA loan with at 5.5% interest with a 5.79% APR including insurance and only 10% down or a 5.5% interest loan at 5.6% APR with 20% down.

They are both 15 year mortgages. I am wondering if the FHA loan would be better even though the interest rate is higher since I could probably make an average of 8-10% on the stock market and if rates drop I can refinance and get a refund for the mortgage insurance.

The purchase price is $400,000. I am 24 and have $250,000 to my name. The nature of my business is not very secure however I expect to make appx $200,000 per year for the next few years but it could potentially drop off.

My credit is meh which is why I am not getting a 30 year loan. I expect my credit to be well over 700 within 6-24 months. I am considering refinancing in 2 years but I don’t know how much of a gamble it is on interest rates.

Thanks,
Nick

We are considering building a home within the next year, but we are running into a problem. After my husband gets out of the Army in two years he will be attending school for 2+ years, thus we are buying a house that is in between the base he will work at and the school he will attend after he gets out. We have set our housing budget so that the payments (including insurance) will be under what he will make each month while attending school in BAH from the Army. (I will be working full time as a teacher but we don’t want to count our money before we have it so we are playing it safe)

This means we will be spending 175k (up to 185k) on a home w/3+ acres. Problem is that we cannot find any decent land for under 20-30k, and we will have to put in a septic & well, anywhere from 5k-15k. So that gives us maybe $145k to build a 2000square foot house, which is possible but you also have to consider 10% incase something goes wrong with the building process, so say we can only budget for $130k!! Not going to happen!

What I am thinking (tell me if I am wrong!) Is we could spend 20k-30k on land from a seperate 2 year loan (we both have good credit) and then get a seperate 30 year loan for the house so then the only payment we will have by the time he gets out of the Army would be the house payment. Also, would buying the land affect his credit? If so, we could buy the land in my name and the house in his name, could we not?

These are all just ideas!!!
Having the land paid off isn’t a problem, we’ve got the money in the bank to pay for the land, just didn’t know it had to be paid up front.

How does a VA loan affect this situation?
And landlord can you tell me more about this: The big problem you will have is having the house appraise for the cost ofconstructionn, is simply is not very likely to do so, so you may have to pay closer to 50% down. If you can’t appraise andrefinancee the construction loan will foreclose and you will lose both the house and the land.

Where would I find more info about this online?