The monthly mortgage payment on a 400,000 loan for 30 years amortization period for 5 year fixed mortgage 3.7% rate is $1,834.76. It will cost you 260,000 in mortgage interest if will take that long for you to pay the mortgage. Remember that most of the interest paid in the first 5 years of your mortgage. In order to speed up the payent process you can do double payments or biweekly. If you take the same mortgage with biweekly payments your biweekly payment will be $ 846.11 which is $142 less per month.

Powered by

Now that the goverment wants us all to work until 70 years old.does anyone know if its possible to extend the time of repayment on existing mortgages ?

The ONLY way to modify ANY terms of an existing mortgage is to renegotiate with the CURRENT lender. Not even bankruptcy court has the authority to change the terms of a contract without consent of BOTH parties. You may be able to refinance for a NEW loan that extends past your 65st birthday. To whoever said mortgages can't go longer than 30 years: try typing '50 year mortgage' into a search engine. I don't recommend them, but they exist.

Powered by

My mortgage never escrowed taxes or insurance -- i paid them myself. now since one tax payment was 15 days late they say they are going to require escrow and add about $70.00 a month to my payment. my husband has not worked in over a year -- i can pay the old amount but can't afford to pay the extra they now want. can they change my contract after 7 years?

Usually yes. Check your the papers you signed at closing...they most likely addresses what happens if you fail to pay your taxes.

Powered by

I'm not seriously considering getting a house just yet - my boyfriend is at university and i only have a part-time job (£5.54 per hour, 16 hours a week, plus overtime occasionally), so it wouldn't make any sense right now. but i was curious about it just so that i know what to aim for for the future - i.e. what sort of job would i need, etc... i've seen plenty of houses for that price or less, so i'm not being unrealistic with the amount i would want/need! also, i know that house prices fluctuate, and other things change too, but just imagine that in two or three years time, things would be exactly the same as they are now. anyway, that's all. sensible answers only please... i have no idea how this whole mortgage thing works so please try and explain it clearly!! :d thanks in advance! i was looking for full time work but got this job instead. for now, it is enough, but in the future i am hoping to work full time. my boyfriend will be looking for full time employment too, once he's finished his degree.

Hi, Banks change their criteria all the time so I'll keep this as general as possible. There are five things you'll need to get a mortgage: 1. You will need to have had a job for at least 6months. Given the amount you are looking to borrow, minimum wage jobs would suffice. 2. You need to have ID. Passports and bank statements will be enough. 3. You need to be creditworthy. Make sure you get on the electoral roll, make sure you always pay all your bills on time. 4. You need to have a survey. Your mortgage adviser in the estate agents will sort this out. 5. You need to have a deposit. 5% is the minimum at the moment so in your case £3500. Hope this helps, Ross.

Powered by

I owe $70,000 on my mortgage. if i pay off my mortgage off with my ira, i will save $9600.00 a year in mortgage payments and will be able to retire at 65, with my house paid and a good pension. if i choose not to pay off my mortgage with my ira, i will have to work full time until i`m 75.

Yes, under those circumstances, it would make sense to use the IRA money to get rid of the mortgage. You'd be able to retire earlier and also reduce your financial risks (since you can't default if you don't have a mortgage). Make sure you have enough in the IRA to cover both the mortgage and the federal and state income taxes due on the withdrawal.

Powered by

Hello, im trying to plan for a mortgage. if we had about 50k saved up and we wanted a 300k mortgage what credit scores would we need to get approved. lets say these are the circumstances: husband has had a steady job for 2 yrs wife has been consistently working but not at the same company income range is 70-80k a year thanks!

three weeks ago this would have be a piece of cake to answer - now who knows -- if you really do some research and look into maybe buying one of these bad mortgages the govt is going to pick up -- with that much down payment you should be able to talk a great game!!!

Powered by

I am on benefits and have a mortgage, the dss will only pay the interest on the first 1/4 of mortgage, because all those years ago when i first bought, my original mortgage was for £22,000, my mortgage is now £76,000 and i have to make up the shortfall plus i had to get a £10,000 loan secured on my home to deal with repairs to my home. i am barley exsisting. i have mamaged to keep my head above water but the final straw is the gas/electric suppliers, even though i have been in credit, want to put my monthly direct debit up from £42.00 to £70.00. my house is up for sale but after buying the waste of paper hip for nearly £400,00. i have had no luck. i am not going to earn any money out of the sale because, i owe so much to my family over the years for helping me pay my way. any suggestions? does anyone know if there is anyone i can go to, to get help?

I've sent you an email, my friend. I'm only too aware of what you are going through (see my 360) I'll keep in touch .. .. if you like you can mail me, the best ones to give advice are the ones in the same boat who have been through the channels already and hit a brick wall .. one of us could save you a little time and worry so ...heads up. One thing I can assure you ...WORRYING will do no good so STOP IT... trust me...once you stop worrying it doesnt make the debt go away ..it does though clear your head of garbage and allow you to think more positively... the calmness with all the surrounding debt seems almost a sin but believe me that's exactly how it can feel.... so ....as panicking does no good, BELIEVE that the answer will come ..and it will... Taking in a lodger may bring income but by doing so you will lose benefits and my guess is with your "improvement loan" taken into account, you would be no better off.. .. . Jibs echoes what I've told you previous in my email and so does Andrew... a problem shared my friend .... hang in there.

Powered by

I have a friend who is 70+. he lost a lot of his investments during this financial crisis and now needs work to pay the mortgage. he has a masters in economics and has worked at a bank for many years. he has even taught at a university level for a few years. what kind of jobs are there that can suit him and make at least $1k per month?

Have him contact some "temp" agencies. They are doing a good business now due to the economy and Companies not will to hire full time people. They also do a great time in the professional/technical field for "part time and temporary" people. Google "temporary agencies in your city".

Powered by

What can i do? he is 70 and has about $600,000 mortgage on his house. the house is worth only just a little more. about five years ago he had paid the whole house off, but he then borrowed against the house some money to finance other things, which is why he's in this situation. yeah he took actually 800,000 out, but has paid the 200,000 off. now he can no longer work and the property is worth less. the problem is he's deeply sentimental about the house and it would kill him literally to sell it. you didn't read the question - he owned the home with my mother for 20 years. my brother and i grew up there. that's why it's sentimental to him. about five years ago he refinanced for $800,000 because he needed the money for other things. then the property was worth more than it is now as there was a rise in housing prices in the area. in the last five years, he earned money on the investment that he used the $800,000 for and paid $200,000 off the mortgage. now the investment has dried up and he has to pay the mortgage with his regular job. does that make more sense?

His sentimentality doesn't change the facts. If they are as you state them, he'll lose the house one way or the other. Better to sell.

Powered by

I recently returned to the uk after 10 years away (no credit history). i have a uk bank account. i will be working next week earning +70,000 gbp pa. i want to buy a house asap. i then want to borrow funds for investment elsewhere. the main reason for becoming a "homeowner" is to put me in a better position to loan as much as possible (at a low interest rate) to use as a deposit on investment properties abroad. i want to use money to make more money - not make down payments, save, or pay off loans any quicker than i need to.

Think you just may have got things a bit wrong somehow.! If you take out 110% mortgage you have absolutely no equity in the property, in fact you are in a negative equity situation. If housing prices continued to rise then eventually you might be in a position to obtain some sort of a loan. HOWEVER, house prices have risen at a great deal faster than wages, so the basic forecast is that what with impending bank rate rises, property prices are set to stagnate and even maybe fall as they did in the 70's. My advice is DON'T.!!!!!!!!!!!!!!!!! If you want money for a business....see the business bank manager...if the idea is good enough he will be able to help!!!