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Going to buy a house. Got questions.

Our budget is 250,000 and 300,000 for a house. Right now, we are trying to get hubby's credit score up so, we are giving ourselves 6-9 months. What was your credit score when you bought your house and how much was the interest. If your house is between 250-300 what is the payment, feel free to post Anon. :) I am so scared to buy a house but, hubby is really wanting to buy a house.

 
matthewscandi

Asked by matthewscandi at 6:34 PM on Oct. 9, 2010 in Money & Work

Level 26 (27,814 Credits)
This question is closed.
Answers (11)
  • Our house was just under $200,000. We put down 40%. Our mortgage payment is $677.49
    rkoloms

    Answer by rkoloms at 10:09 PM on Oct. 9, 2010

  • Interest rates are low now. But could change in 6 to 9 months. Payment depends on terms, interest, length and amount borrowed. How much do you have saved for a down payment. The better FICO scores get lower rates. the larger percentage down the better. Lower rate if you finance for only 15 years not 30. Type of loan you qualify for is also a variable.
    tootoobusy

    Answer by tootoobusy at 6:41 PM on Oct. 9, 2010

  • don't buy what you have to budget. In other words if you only have 100,00 don't buy a 100,000 home. Got below what you have to budget. Know one told me that your taxes and insurance can go up every year. Therefore, every year you are subject to a new payment. Bare in mind this depends on your state regulations. Also if you ever get behind on payments, brace yourself. Mortgage companies claim they will help, you but make sure you document everything and keep all notices sent to you from your mortgage company. On the brighter side, your own home is one of the most rewarding things you can ever do.
    Godswk

    Answer by Godswk at 7:25 PM on Oct. 9, 2010

  • Hopefully, we will have 10% down, if nothing catastrophic happens.
    matthewscandi

    Comment by matthewscandi (original poster) at 6:58 PM on Oct. 9, 2010

  • What we are budgeting for is not going to be a problem. I realize the insurance and taxes change every year. I have been researching this for a few years and I am always able to talk my husband out of it. I don't think I will be able to talk him out of it again. Amazingly enough, I fear the responsibility of owning a house. I am not having issues with the payments, just the responsibilty. Like, if something breaks down or gets messed up, we have to fix it.
    matthewscandi

    Comment by matthewscandi (original poster) at 7:32 PM on Oct. 9, 2010

  • The old interest rates could be 1,400- 3,000 for a house in that price range. Keep in mind depends on the interest rate. If the rates are around 3% the rates will be much lower that 1,400.
    Godswk

    Answer by Godswk at 7:33 PM on Oct. 9, 2010

  • Use this Mortgage Calculator to help you.  10% down on a $250K home is $25K aside from closing cost; moving expenses.

    musicmom08

    Answer by musicmom08 at 8:54 PM on Oct. 9, 2010

  • Make sure you press the Mortgage Button.

    musicmom08

    Answer by musicmom08 at 8:58 PM on Oct. 9, 2010

  • Since we are residents of TX, we may not have to pay much in property taxes depending on my husband's disability rating for the military.
    matthewscandi

    Comment by matthewscandi (original poster) at 8:59 PM on Oct. 9, 2010

  • Thanks, rkoloms! That doesn't sound too bad, our rent is more than that.
    matthewscandi

    Comment by matthewscandi (original poster) at 10:13 PM on Oct. 9, 2010

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