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What to Look for:
Some questions when walking through a home:
See Also: Real Estate Listings under Financial
American National Standards Institute (ANSI) standard is the same as above.
It includes thickness of walls, hallways, bathrooms and closets.
It does not include patios, porches, garages or open area over a vaulted ceiling.
Housing costs as a % of your income.
DTI (Debt-to-Income Ratio) there are 2 versions.
Front-end Ratio - The sum of the monthly mortgage payment including mortgage insurance, property taxes, hazard insurance, and condo fees if applicable, divided by the borrower's monthly income.
Back-end ratio or is total existing debt service obligations, housing plus things like credit card, car loan and student loan payments.
Housing Costs (Mortgage, Insurance, Taxes) 35-45% of income.
> Credit Score: Your mortgage rate may vary depending on your credit score.
760 and above (About 40% of consumers) will get the best rates.
660 and below (About 20% of consumers) is considered subprime and a credit risk.
See Rates in Credit Score
20% Min Down Payment
Example (October 2019 in Alameda County, CA): Purchase: $1,000,000 Down Payment $300,000 Loan: $700,000 @3.7% = $3,222/mo = 28% of $138,000 Property Tax: $650/mo Insurance: $750/mo Total monthly housing = $4,622 = 35% of $158,000 Monthly Mortgage Payment: Down Payment $500,000 Existing Debt Payment: $0 Property Tax: $650/mo Insurance: $750/mo Tax rate Alameda Co 0.785% Interest Rate Oct. 3.7% with 0.6 points per FreddieMac (National Average) Mortgage Income Calculator - NerdWallet Need Income: $180,000 - $200,000 How Much House Can I Afford? | Bankrate | New House CalculatorJumbo Loans:
Historically, jumbo loan rates were about a quarter percent higher. "Higher-priced homes were susceptible to larger fluctuations in values, which meant more risk for the lender."
In today's market, however, jumbo loans can be priced as much as one-quarter percentage point lower than conforming loans.
Most Popular Real Estate Websites | May 2017
1. Zillo, 2. Trulia, 3. Realtor.com, 4. Yahoo Homes, 5.Redfin