I'd like to buy a home... I have good credit.. ?

Question

I'm looking for a home around the Sherman Oaks/ Encino area. I'd like a house that is about $700,000

If it matters, my credit is very good. I have 799 credit.

My question is... What is the cheapest I can pay by month if I have 799 credit?

How much would I have to down to lets say.. pay $1000 a month?

I'd like to know as much information as possible please!

10 points to the best answer :)

Thanks!

Answer 1

Even with the excellent credit history that is if thats your cerdit score of 799, the house value of $700, 000 will have you pay more then 2000 a month. U would have to put down say 550 000 to get to your $1000 a month for 30 years.  That is if your getting the fixed rate!

If your heading towards Adjustable Rate Mortage  (ARM), you would probably get by with even lower monthly payment than 1000$ for the first 5 years and then it will most definately go up 2 to 3 times more. My suggestion .Stay away from ARM!!!!  As you can see the problems we are facing with foreclosure these days. But some foreclosure occurs due to lost of jobs non fault of their own.

Im only providing u the basic little mini info...do thorough research please. Im sure you have done your own research and possibilities of your own.  this is a big investment. Before you go to bank lenders, arm yourself as much information you possibly can. know all the terms and procedures before u see them. Keep your head high..Good Luck

Answer 2

2 points to ANY answer!

No one can answer your question because you don't have all the other info required. Go call a mortgage broker or a bank.