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Today: 17.01.2018 - 14:48:30
   Canada Mortgage Hub Discussion Board -> Mortgage Ottawa -> Can you help me with some home equity and mortgage questions I have?
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nobuhisa

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Can you help me with some home equity and mortgage questions I have?
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Canadian mortgage
Post # 1.

nitro72

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You are dreaming if you think a 300k mortgage or even 220k (if you deduct the 80k equity you would use as a down payment) would garner you a $1000 house payment.It would be well over $2000 a month.
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Post # 2.

reg_8

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Fix your credit first. Glad to hear you're working on it, but you cannot let any bills go into collection. Get them paid off. Always pay something even if you can't pay in full, and keep current if at all possible. In 6 months of payoffs of delinquencies and prompt payments you should increase your credit rating.You don't state your income, so don't know whether a $300,000 house is possible on your budget, whether you'd qualify for mortgage. A mortgage of only $1000 or down payment of only $1000? Need 3.5-5% minimum down payment (10-20% is better), so until you sell current home, you won't qualify for anything. And don't take an adjustable rate or interest only or 0% down loan--they are traps for the unwary.
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Post # 3.

noe_martinez_argueta

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Yes, you are being a dreamer. If anybody tells you otherwise, run! Mortgage payments are determined by the amount of the loan, the term of the loan, and the interest rate being charged. Let me give you an example: If you were to buy a house for $300,000 and put down 20% ($60,000), then you would have to get a loan for $240,000. Now, let's assume that the repayment term of the loan is 30 years, and that the interest rate is 5%. Given this scenario, your monthly payment would be $1,395, which would include principal and interest only. Now, if you were to get an Interest Only loan, your payment would be $1.083. However, with an interest only loan, you would not be paying your debt off, you would only be paying the interest. Remember the above was just an example based on a loan for $240,000.
Post # 4.

nobuhiro-tni

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Here is your best answer.. I want you to go to these two web sites and educate yourself..#1 realtor.com then #2 bankrate.comthe 1st one will tell you prices in your area and what the payments would be based on your down payment and the amt.of interest charged. The 2nd web site has a lot of calculators that will tell you what you can earn by saving and what items will cost if you do a loan.. Good luck
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Canada mortgage and housing
Post # 5.

ramilxxx

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No. That is extremely unrealistic.
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nmpmichael

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I would suggest you re-finance your current house to pay off all creditors. With those payments out of the way, you should be able to keep up with your bills. This will greatly help your credit score and in a year or so, then you can look at selling your home and buying a better one.For a $1,000/month payment, assuming a 4% interest rate and 30 year amortization, you can get a mortgage of about $210,000 - so you would need to put $90,000 down on a $300,000 home.
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