Current Mortgage Rates
Saturday, November 07, 2009
How much you can afford is a function of two things: How much you can borrow and how much down payment can you muster. The two are interrelated, but we've broken this worksheet into two parts so you can see how each factor affects the mortgage equation. How much do you have for the down payment? From your total liquid net worth, subtract: savings for emergencies, educational expenses, or retirement; settlement and moving costs; and cash you'll need to improve, decorate and furnish your new home. The bottom line will be the sum that you could put down on the new house, if you wished to use it all. The more cash you pay up front, the less you will have to pay month by month on the mortgage, and the lower your total interest costs will be.
Conversely, the less you put down, the greater will be your leverage, tax deductions for mortgage interest, and available funds for other expenses, including decorating and furnishing. Also keep in mind that the money you hold back from your down payment, if invested wisely, might earn you more than the appreciation on your property will add to your equity.
Conversely, the less you put down, the greater will be your leverage, tax deductions for mortgage interest, and available funds for other expenses, including decorating and furnishing. Also keep in mind that the money you hold back from your down payment, if invested wisely, might earn you more than the appreciation on your property will add to your equity.
How Much House Should You Buy?
How much should I borrow?
How Can I Buy Before I Sell?
Understanding your needs for your New House?
Learning about where to buy a Home?
How much should I borrow?
How Can I Buy Before I Sell?
Understanding your needs for your New House?
Learning about where to buy a Home?
Shopping around and visiting open houses
Understanding your First Mortgage
Should I Assume the Seller's Mortgage?
Should Unmarried Partners Buy a House?
What does a Lease-to-Own Purchase work?
How much can I afford to put as collateral?
Are Manufactured Houses a Good Deal?
Is FHA Responsible For the Leaky Roof?
Advantages of Buying over Renting
Understanding your First Mortgage
Should I Assume the Seller's Mortgage?
Should Unmarried Partners Buy a House?
What does a Lease-to-Own Purchase work?
How much can I afford to put as collateral?
Are Manufactured Houses a Good Deal?
Is FHA Responsible For the Leaky Roof?
Advantages of Buying over Renting
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Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.88% |
| 30-yr. fixed jumbo | 5.62% |
| 15-yr. fixed | 4.38% |
| 15-yr. fixed jumbo | 5.25% |
| 7/1 ARM | 4.25% |
| 5/1 ARM | 4.12% |
| 3/1 ARM | 4.12% |
| 1-yr. ARM | 3.75% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.75% |
*Mortgage Rates Updated: 11/07/2009