Cash Hash » Loan/ Loans » Cash Loan/ Cash Loans » what kind of loan do i need for my first house?

  #1 (permalink)
: my new husband and i are wanting to buy our first house together. we found a very nice place with property for about 18,000 (a doublewide mobile home, perfect for raising a family in our opinion). ive searched high and low for accurate mortgage and loan calculators, but i'm still dumbfounded by how many "estimates" i got. the website where i found the house quoted me $300 a month for the mortgage (roughly), but im still clueless about mortgage loans and interest rates, even the down and earnest payments. based on my husband's income, i know how much house i CAN afford (quite a bit more than we need), but, for this house, what kind of loan SHOULD i get? i have no clue how much i should borrow, from what bank, and what interest rate. how do i find out?
im so sorry, i got the mortgage estimate wrong, the 18,000 i stated earlier was for a different house. the actual price is $75,000, with $300 a month for 30yrs. so sorry for the confusion

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  #2 (permalink)
: You and your husband go down to your bank or credit union, sit down with one of the loan officers and discuss this matter.
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  #3 (permalink)
: borrow as little as possible...

get the best rate possible.

Put down at least 20%...

You don't want to completely drain your savings... You should have at least 3-6mo of your combined income in the bank.

And your mortgage payment should not be more than 33% of your combined income.

Let's say you have $10,000 in the bank and you both make $15k a year. 3 months of income would be $7500. So you would put $2500 down on the trailer and get a loan for the rest... $15500

Actually I'd bend the rules a bit and put $3600 down so you have a 20% down payment. This is to avoid PMI (private mortgage insurance) which the bank would require in case you never make a mortgage payment they don't get burned.

So if you put $3600 down the loan is for $14400

a 5yr loan at 5% interest is only $271/mo

Take the shortest loan you can afford. Your interest rate will be based off your credit score, salary, work history, etc... I'd shoot for something under 5%

also don't forget about lot fees or property tax and maintenance.

I like this mortgage calculator
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  #4 (permalink)
: There are no $18,000 mortgages. You need to pay cash in this price range.
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  #5 (permalink)
: I guess you need to calculate your monthly mortgage amount again with some more reliable mortgage calculator. Once you do that I am quite sure you will get more accurate amount and the duration as well. And then you can decide.
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