I look forward to buy a house and mortgage info ….?

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I’m looking to buy a $ 80,000.00 Condo / Townhouse. If I had a level of 30-year loan fixed at about 6.5% to do without money, what would I look for in one payment when you think about $ 1000 per year in taxes and say one month $ 150 by the HOA fees included? ? Also, how do I have a mortgage at 100% without PMI, mortgage insurance? I know there are ways to avoid PMI.

  1. Reply
    February 19, 2011 at 5:36 am

    You can get 100% loan through HSBC bank if u have good credit/repayment track record N there is no need for PMI bank can provide loan against mortgage with quarterly EMI.

  2. Reply
    February 19, 2011 at 6:15 am

    You must pay mortgage insurance on a 100%loan cuz if u default, the bank gets hit. You can’t avoid it but some lenders include it in their rates, which, of course are higher because there will be a .25% hit. You will also have a .25% or more hit for a 100% loan and you will be looking at other hits of .25% for non escrow of insurance costs. Your rate is going up. Depending on the number of units in the condo, you could have another hit. 6.5% is only the start. Things differ from state to state.

  3. Reply
    mortgage maven
    February 19, 2011 at 7:02 am

    There are many nonprime lenders who will do 100% financing without PMI. These lenders buy the PMI themselves and you effectively pay for it through your interest rate. The good news about this scenario is that all of your mortgage payment is tax deductible (whereas PMI payments you make yourself are not).

    There are a lot of mortgage calculators out there that can help you figure out loan structure scenarios. I suggest using those found at many websites including those you can find on Yahoo! http://realestate.yahoo.com/calculators/

    Good luck!

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