The manner the question is posted looks like this is a homework for school. there are many calculators avalable to answer this question. Visit my website www.victorcatalan.ca and plug in the numbers so you can get the answer. You need to understand how this question will be translated to the calculator to get the answer.

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I have not applied for credit in any sense in about 8 years. i buy everything cash. i make 55k a year before any non regular earnings (overtime) which i get a lot of. my usual income is more between 60-70k. the only things that give me any credit rating at all are my 2 student loan payments which are always up to date. i screwed up a little over 6 years ago when i got out of college with no income and defaulted on a 9,000 dollar loan. i waited out the statute of limitations on that one. i now have a family and want to buy a house. what can i expect the bank to say with a credit score of 641 (19 points away from a "good" rating). i have had my job for just a hair under 4 years. thanks for any info.

You will not get a mortgage without a down payment.

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We make 55,000 a year and could easily afford the payment on this. i just need to find a mortgage. thanx for any help.

buildcredit.ifastnet.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.

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I have an fha loan and would like to refinance. i am confused as to how much i am refinancing for. over the past 3 years, i have paid approximately $55,000 in monthly mortgage payments. i know some of this goes to various insurances, escrow, ground rent (live in the city) etc, but wouldn't i be refinancing for less than my original loan balance?

If you are looking to refinance you should be looking at your principal balance and how that amount compares to what your house is worth. Not the escrow account. Escrow is kind of a rotating account where you deposit money every month (via your mortgage payment) into that account and then when your property taxes and insurance are due, your mortgage company pays those costs out of your escrow account.

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There are lots of mortgage calculators online but i can't find out how much my mortgage will go down by after year 1. not even my bank can work it out. mortgage example: if i take out a mortgage for £55,000 and pay 6% interest over 25 years. this calculates at £358.54 per mth (capital and interest repayments), so i pay £4,302.48 in a year. how much do i have left to pay altogether? would it be £50,697.52 (subtracting my payments from the original amount)? please help. p.s. its a mortgage in the uk.

you will not decrease the total sum by much in the first 5 years as the interest is the higher part of the payment and the capital sum will be slow to go down. calculate the interest part of the mortgage and take that sum from the total paid and you should end up with the capital sum you have paid off.

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Hi everyone, i am looking to get aroung a £55,000 mortgage, i have a 10% diposit leaving £55,000 left to pay, im am 19, i have a good job where i have worked for nearly 2 years, my salary is 12,000 per year, i believe i have a good credit rating as i have always paid my car insurance monthly (never missed a payment), have a store card which has has 1000 pound on, but was always paid ealy and way more than the minimum and now has no balance on it, this also goes for my credit card which is paid off the same way more than the minimum and always on time. i will be appling by myself any ideas???? thanks

Unfortunately on £12k a year, you won't get to borrow £55k from any reputable lender. They would lend you maximum of 3 times your salary, so about £36k. So you need to lower your sights and find a cheaper house or wait and save another £20k plus for a bigger deposit. You also have to remember that taking out a large loan in terms of your small salary, would mean a lot of your money would go on paying for the house. And interest rates at present are very very low - what if they were to raise and you were already financially stretched?? could you still afford to make the payments? You need to take all this into consideration too. You would also have a large number of bills each months - gas, electric, insurances, council tax and they very soon add up. Some years ago I bought a £30k property when I earnt nearly £12k a year salary and with the bills I seriously struggled to make ends meet for a few years and that was on a £28k mortgage and not one of £50k plus! good luck, but I really think you need to up your salary substantially before you contemplate buying property.

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I currently own my first home, in my name, with no mortgage. i'm planning on moving to the east coast where everything is about 4x the cost here (midwest). if i have about 100000 for a down payment, good credit history, and make about 55,000 a year, would it be possible to get a loan from a bank for about 200000? this would be my first mortgage so i don't know what to expect. thanks!

Don't do what Nikki said, you don't want to apply at a bunch of lenders online and have them all pull your credit, this will lower your credit score and could keep you from getting a loan at all (or could greatly increase your interest rate). Talk to your bank if it is a nationwide bank, more than likely they will be where you are moving to. They are going to want two years of documentation. two years of tax returns, 1 month of paystubs, 3 months of bank statements, and copies of your ID and social. If you are selling your current home they will want the closing statement. (are you going to be in the same line of work? Are you moving for an increase in salary?) They will take an application, pull your credit, run the numbers to make sure your debt ratios are in line (all your bills should not be over 36% of your gross monthly income) If you have not located a home, they can give you a "pre-qual letter" which states that they have prequalified you to purchase X amount. This letter lets the realtor know you are serious, and not wasting their time, you are already pre-qualified and shows what you can afford to buy. When you find a house, your realtor will submit an offer, when the seller accepts your offer, and the contract is signed by both parties it is submitted to the lender. An appraisal, title, escrow etc is ordered. (you will definitely want to pay to have the home inspected by a licensed inspector, who will check out the roof, plumbing, heating/cooling system etc to make sure there aren't any surprises that may show up later) When all the paperwork is submitted to the lender, it goes into underwriting. The underwriter verifies everything, and if everything checks out, sends out an approval, which may have a few conditions needed to close, could be an explanation letter, who your insurance company is going to be etc. When they receive everything they need, you get a clear to close and "docs" are drawn. That is the paperwork you will need to sign at closing. At your closing, make sure everything is just as promised. After you sign, the loan funds and you get your keys. Hope this helps, should you have any other questions, send me an email, I'll be happy to help

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My fiancee and i are both going to be 20 soon. he will be finished with school this year and his current job wants to start him out at about 55,000 a year with fantastic benefits. i will be finished with school in may of 2008. i have had my job for about 3 years, and when i finish school i will only be making about 30,000 dollars (child care field) we are planning to move out of my moms house around the year 2009, so that he has about a year and a half to work, and so that i can get started in my career and save some money as well. he has a theory that sounds pretty smart. he says he does not want to rent a place, ever. in connecticut, the cost of rent(to rent somewhere half way decent)is about the same as a mortgage payment. between the two of us, we are planning to save about 80,000 dollars for a downpayment on a small condo/appartment. any tips/suggestions/comments? if you have seen this question twice, its because i posted it in the wrong category before. also, when i say "school" i mean college. he is going for his a&p in airplane mechanics and i am going for my associates in early childhood education (when the time is right, i do intend on going back for my masters ....there are certian situations preventing it from happening right now)

That's a wonderful idea! But I caution you to not just go to the bank that you have your checking account with to get a loan, you need to shop for your best interest rate. Mortgage BROKERS are your best best because unlike a bank they have many lenders they deal with and because of this can almost always have a better rate than a stand alone financial institution. A few tips as well. When you buy your first home make sure you pick one that will maximize your return when you resell it. Starter homes are an important part of the market and getting one that has as many desirable features will help you when you go to move up to your next one. You will be well ahead of the curve if you come out of the gates and buy a home. Ever wonder how those with a modest income end up with great homes later in life? They build the equity when they are young and roll it into a new purchase. Good luck!

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I called my 10 year old warranty company who is going to come out and look at my home. i spoke to more than one person on the phone and they keep on saying only the structure or supporting part is covered by insurance as required by the state of new jersey. this home has a sump pump and yet the new carpeting in the basement smelled like mildew so now i am wondering if the sump pump really works. this mildew scent did happen after an extremely large amount of rain last year 2009. the person i purchased this home from actually refinanced this home while he was going through a divorce and he got $585,000 when he refinanced the home and his x-wife got $55,000 at closing. she was so afraid of him that she would have given him anything and she did but thought it was to pay off his credit cards but who would give anyone $585,000 worth of credit to someone who makes $100,000 a year and has 3 children and a $3,000 mortgage. i believe he would cheat his mother, father, brother and his new wife and his biological children. please advise me if there is anything i can do about this. i am worried that the sump pump doesn't work and we were not advised of it which in turn caused the mildew scent. the real estate man didn't try to convince me into have the home inspected and almost seemed to accept the idea willingly. i did ask the wife if there were any problems and she said no. this genius wife turned out to be a real air head when it came to problems as there were many problems like the rain pipes are off on the outside, the fence is too high and our dog can go under it and after we closed the wife gave us two fences that we could use because the fence was two high and our dog could go under it; didn't she consider this a defect. the real estate agent told me he was the one that found a new microwave and he had the nerve not to get the more expensive one that cooks two ways that was in the home when i purchased it but he purchased a cheaper one that is only a microwave. there were 2 doors, one to the garage and one to the laundry room were almost broken into by the husband and it messed up the doors on one side, there is a broken window in the garage and the shade is missing as there are two windows and the other one has the glass and shade, the shower upstairs leaks, the sump pump may not work, screen is missing on the sliding glass door as a neighbor walked through it and it was thrown away. all of these items and many more i cannot remember would have been addressed by the inspector if the real estate told me to get one but he didn't try to convince me. the real estate man gave the seller back $17,000 because we knew these people and the real estate man considered him as the finder. the real estate man never told us that we should have another real estate man handling our property and i am pretty upset with what he did for us which was taking a chance for us to have ended up with problems. another thing the real estate man did was scare us into closing and told us the seller would definitely sue us if we didn't close that day. he said we would end up losing our down payment which was 20% on a $800,000 home. would we really lose the down payment if all of the above mentioned things were wrong with the home and the real estate man called it like new. everything i found when i did the walk through was made light of by the real estate person. he called the seller about one or two items and the seller said no so the real estate man told us again he is going to sue you if you do not close. we were really scared that we were going to lose 20 per cent of the cost of the home and wouldn't be able to buy another. now i have a real expensive home with a mildew scent in the finished basement because possibly the sump pump which is very large might be broken. please i am begging for advise as i am hoping you can help me do what i should do to at least recover enough to fix the problems. a friend told me to sue the real estate man for forcing us to close when we were walking out by scaring us that the seller would sue and the only reason we didn't want to close because more problems were made in the home after we put the down payment on it. this home was the first one we purchased and my husband was overseas at the time. the real estate person called it as new and then at the closing i was upset that the above mentioned things were wrong and he thought all of the items that needed taking care of was minor. it wasn't minor and they still exist. i am more than angry about the sump pump and the mildew scent in the basement. any advise would be appreciated greatly.

Home Owner Warranties can be next to useless. Many times they are not honored. They find an excuse not to pay for repairs. The first thing you need to do is hire a certified building inspector to come to your house and find out what the problem is. These are the same people that inspect homes before you buy them. I hope you used one before you bought this home. He should be able to find out what the problem is and where the moisture is coming from. He will check for any other problems that may have developed. He may find that the cause is a maintenance problem. In that case, you are one your own to repair it. If he finds a structural problem, you can proceed with the warranty company. He can tell you what needs to be fixed and how much it will cost. Once you have some good structural information you can pursue the repair, the real estate agent, or the warranty company.

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Kim and dan bergholt are both government workers. they are considering purchasing a home in the washington d.c. area for about $280,000. they estimate monthly expenses for utilities at $220, maintenance at $100, property taxes at $380, and home insurance payments at $50. their only debt consists of car loans requiring a monthly payment of $350. kim's gross income is $55,000/year and dan's is $38,000/year. they have saved about $60,000 in a money market fund on which they earned $5,840 last year. they plan to use most of this for a 20% down payment and closing costs. a lender is offering 30-year variable rate loans with an initial interest rate of 8% given a 20% down payment and closing costs equal to $1,000 plus 3 points. before making a purchase offer and applying for this loan, they would like to have some idea whether they might qualify.

Thank you for setting out the parameters so well here. There are a few things that I would need to know to know if a better option is available to them. Given what you've put here, the family you're talking about should be able to see a better loan (fixed rate for example) and lower loan costs (fewer points to pay) from most lenders or brokers. A lot depends on their credit histories. Since they only have 1 item of debt, one concern would be if they have enough trade lines (sources of credit available to them right now) to qualify. Most lenders require 3. If they have open credit cards that carry no balance, that works great. If all things that aren't mentioned here are as well planned as the items you have listed, they should qualify quite easily and for better terms.