Our newest applicants are on the right track in terms of managing their money and making sure they do not get themselves into a financial bind by spending more than they have on a home. They are looking for tips on staying on a monthly budget. The first step is to arrange for a mortgage with the largest down payment they can afford and the lowest interest rate they can find. This will help to ensure that their mortgage payments are as low as possible.
They have a good credit rating and should qualify for a relatively low interest rate mortgage for as long a term as they wish. They have taken the right steps by building up a large down payment. Even though they have lived with his wife’s parents for a year, this has allowed him to build up a large down payment, which is the first step in managing a monthly budget.
We also urge these applicants to estimate their monthly taxes and the utilities that will need to be paid. Adding up all of these figures will provide an estimate of the total monthly cost for their home including principle, interest, taxes, utility costs and maintenance costs.
The big unknown is what repairs will be required once they take possession of the home. We urge then and in fact it is required in many states to have a home inspection before they finalize the purchase. This inspection is extremely important to establish what repairs will be needed on the home. Since this is a foreclosure sale, the bank will not make any repairs. The best the customer can do is to negotiate the price down further to cover any identified repairs that may be needed.
We anticipate further discussion on this file since the sale of the home is no where near being finalized at this stage.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $175,000
Home Loan Application and Processing Speed (when do you need the funds):: We are applying for a mortgage on a home that is for sale by the bank. It is a foreclosure situation and we are actually not sure just when the actual mortgage would be required
Do you currently have a mortgage? :: no, we are living with my wife’s parents while we look for a home
What City/Town, State and County do you live in? :: Laguna Hills, California
Zip :: 96253
What is your employment field? :: Own an Operate an Art Gallery
Employment Position :: Artist, Sales and Owner
When are you paid? (monthly/weekly/biweekly):: Monthly
Your credit rating to be – excellent, fair, or bad? :: Excellent
How did you find us? :: looking online for a mortgage and for tips about staying on a budget
How are you paid? (direct deposit/paper check):: Direct deposit from the Galleries account to our personal account
Gross Amount Per Paycheck ::$3,750
Do you agree to have this information published online, without your PRIVATE information of course? :: Sure, no problem
Extra information here please (some detail):: We are currently living with my wife’s parents while we look for a home. We have found one that we like, however it is a foreclosure sale and currently owned by the bank. They apparently are notoriously slow in processing offers etc in a foreclosure situation so we are not sure when we will actually need the mortgage funds.
In the mean time we wanted to find a mortgage lender and be approved for a mortgage so that we do not need to worry about it. We really want to move soon. We have lived with my wife’s parents for about a year so that we could save some money and increase our down payment. We currently have about $50,000 saved up for a down payment. The house we are looking at is expected to cost about $200,000 and if we are approved for a mortgage of $175,000, we will have $25,000 for improvements, appliances etc.
Note to Lender :: We own an art gallery in Laguna, California which has done very well over the past few years and we have managed to build up a decent inventory of art and we are also able to move it very quickly as well for quite good prices.
We were renting an apartment up until a year ago and then we decided to move in with my wife’s parents so that we could save enough money for a down payment as mentioned. We have spent a lot of time with my in laws. They are very nice people and have helped us tremendously, but it is time we had our own place and moved into something we can call home.
They have helped us with budgeting, making suggestions and giving us tips for staying on a monthly budget. We need to understand what our monthly payments will be, what the property taxes and utilities for this home will be and most important what improvements will be needed. The banks is not going to give us any leeway in terms or repairs so we really need to understand this ahead of time to avoid buying something that will be a money pit. Any tips for staying on a monthly budget that you can gives us will be much appreciated in addition to approving this mortgage application.
|Category: Home Mortgage Loan||APR 2.5%||APR 3.5%||APR 5.0%|
|Length of Term||15||20||30|
|Amount to be paid||$207,992.54||$236,501.94||$306,609.59|
|Total interest paid||$32,992.54||$61,501.94||$131,609.59|
|Paid per installment||$1,139.69||$971.93||$840.03|
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