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Tips For Staying On A Monthly Budget

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.


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

Bank Name and Branch :: Citibank, Calle De La Louisa

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%
Loan Principal $175,000 $175,000 $175,000
Payment Schedule Monthly Monthly Monthly
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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3 Pre-apps

  1. Paul wrote:

    My name is Paul I had a USDA Guaranteed Loan with Chase. In 2009 my wife was involved in a car accident. She was rear ended by two vehicles. Before her accident, she was working on average five to six nights a week at Wal-Mart, in California Maryland. After her accident, she was working one to three days a week. She tried to work but was forced to quit her job due to serious back pains. Because of the accident, we have lost her income. This is why we had to file Bankruptcy in 2010. It is sad to see all of this has happen all over an accident that was not her fault. Her doctor thinks she has nerve damage in her back and wants her to have a MRI done but without her being able to work and no Health Insurance we cannot afford to get it done. I have thought about selling the house but I owe more than I could get for it. Because of the economy home values have dropped so badly in this area. Homes on the same street that we live on have been for sale for two years or better. After I was discharged I called to reaffirm my debt and was transfer me to the bankruptcy department a gentleman that asked me what caused me to have to file bankruptcy. The gentleman told me that the best way to reaffirm my debt was a loan modification he said that with my hardship that would be the best way. I did I started submitting my paper work in Jan 2011 I sent in everything that I was asked to. I had never been late on a payment until the lady from Chase told me that I needed to go behind 3 month so I could qualify for the program after being turned down for current on my mortgage. After June came I called them back to see what was going on and was told that I was never told to do that. When I told them I was going to start back making my payments I was told it didn’t matter that Chase was going to foreclose on me anyway and was told to resubmit all my paper work again. For the last 3 years and 6 months that is all I have been doing. you name it I have been though it. I have produced every document that was asked of me. my paper work has been lost sat on until they went out dated. I don’t know what else to do. I have turn to everyone for help. this isn’t right.I am sorry but this isn’t right. The government has stepped up and helped these banks by bailing them out in return to help the home owner save their homes. And no-one is there to watch over them to see if they are doing right. No they are still playing games with the home owner. I have been trying to get a loan modification since Jan 2011. I have a ligament hardship according to Chase’s bankruptcy department when I called them to reaffirm my debt with them. I was current on my mortgage at this time. I had never been late on a payment until I was denied for being current on my mortgage in March of 2011. When I called Chase back to see what was going on I was told that I need to go 3 months behind on my payment so I could reaffirm my debt with a loan modification. After doing so I was told they never told me to do that and they had no record showing that. They sat on my paper work until it has gone out dated. They have lost my paper work over and over. Now here it is 3 years 6 months and I haven’t gotten anywhere but Chase is going to foreclose on me. Really I never mail anything in I faxed all my documents in so they wouldn’t have to wait for them. I have turned to everyone for HUD house counselors to making home affordable and they all tell me the same thing Chase doesn’t have to do anything. I can’t get any help from anyone do you know of any programs that could help get me in another home. last year my file went to in house mediation just to justify what they have done to me. they have done nothing but pro long this and now its at the point where they cant do anything for. they tell me that when they roll the all the late payments in I would be able to afford the new payments. I so again they told me to stop making my payments to qualify for the HAPM program. then after the three months they denied telling me to do and they have no record of anyone telling me to do so. after missing three months of payments I call them back to what’s going on and wanted to go back making my payments I was to told that it was no use because of my bankruptcy that if I didn’t get the modification chase was going to foreclose on me anyway and they did the in house mediation they found no record of that to. every time I turned around I was be that my house was in foreclose. this is wrong that these banks are still doing this stuff to the home owners and getting away with it. people are loosing their home like myself from the them playing game like this. someone has to step up to stop this the lawsuits aren’t working. I sad to see they have pro longed this and now its me and no one can help me. Or do you have a program that could help me get in another home. I had never been late on a payment until they told me to do so. please any help would be deeply appreciated.

  2. nancy wrote:

    Installment loan for bad credit credit score is602 need 5000 immediately lake city mn

  3. nancy wrote:

    How do I apply for. A loan

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