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Author: admin | Category: Calculateur De Pret Auto | Date: 22.01.2016

For those who are seeking a home loan, TD Bank offers its clients a free service of calculators to help you to make the right choice.
This calculator as the names says will show you how much you can pay for a new house considering your income and debts. Just fill in with the required information as: Years remaining, Original mortgage term, Original mortgage amount, Additional monthly payment and Annual interest rate. Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment.
This is a tough decision where you need to analyze not only the mortgage payment but all the others debts that you have every month. Despite some signs the economy is cooling off, the housing market remains strong across most of the country. For the first quarter of 2016, home prices continued to climb in 87 percent of metropolitan markets, according to the National Realtors Association.
House prices in most markets have now recovered most or all of the value they lost when the housing bubble burst in 2008. That means bidding wars for desirable homes have become common again, putting pressure on buyers to spend more. It also means now is the time to take a step back: The fundamentals of wise homebuying never change. It's all about figuring out what you can afford — based on how much you can reasonably borrow and the amount you have for a down payment — and then sticking to that budget. Follow these 5 smart moves, and you'll know exactly what you should spend on a place to live and not wind up house-poor with a bad case of buyer's remorse. Monthly housing costs, which include mortgage payments, insurance, property taxes and condo or association fees, shouldn't exceed 28% of your monthly gross income. Monthly debt payments, including credit card bills and student loans, shouldn't exceed 36% of your gross income. Just enter your monthly income, bills and projected housing costs into our mortgage calculator, and it determines exactly how much you can afford to borrow and the monthly mortgage payment you can reasonably handle. The average cost of a 30-year fixed-rate mortgage — the most popular way to finance a home — is around 3.75%. Spend a few minutes searching our extensive database for the best current mortgage rates from dozens of lenders in your area to get a good idea of what you can expect to be charged.
An online real estate listing for the size and type of home you hope to buy can provide property tax and insurance costs you'll need to get an estimate of how much you can afford to borrow.
For most buyers, the down payment comes from two sources — savings and the equity they've built up in their current residence.

Ideally, you'll be able to make a down payment of at least 20% to avoid paying mortgage insurance. But borrowers can qualify for conventional mortgages with down payments of 3% and credit scores as low as 640, according to Jim Merrill, founder of Axel Mortgage Inc. And options are available for lender-paid or discounted mortgage insurance, including programs from Fannie Mae and Freddie Mac, the government-created lending institutions, that also will let you use a monetary gift for a down payment. If you're struggling to qualify for a conventional loan, another option is a government-backed FHA loan, which requires down payments of as little as 3.5%, or a VA loan, which can require no down payment at all. But we know that many families have most, if not all, of their savings tied up in individual retirement accounts (IRAs) or 401(k) accounts where they work.
Because contributions to Roth plans are fully taxed before they're made, you can withdraw what you've put into those accounts at any time without incurring penalties or additional taxes. If you've held a Roth IRA for at least five years, you can withdraw an additional $10,000 in earnings to buy or renovate a first home without paying any penalties or taxes. The next place to turn is a traditional IRA, which will allow you to withdraw up to $10,000 for the purchase of a first home without penalty. But since contributions to these accounts are tax-deductible, you'll have to pay income tax on withdrawals and a 10% penalty above the $10,000 limit until you reach age 59?. Your employer's traditional 401(k) plan is the last place you should turn for a down payment. Add how much you have for a down payment (from Smart moves 3 and 4) to the maximum amount you should borrow (from Smart move 1), and that's the amount you can afford to spend on a house.
Do the homes you're looking at have lower property tax bills, or higher association fees, than you expected?
It's a seller's market across most of the country again, creating lots of pressure to commit more than 28% of your income to housing.
Solid job growth over the last several years combined with low mortgages have "spurred steady demand for home purchases in many local markets," says Lawrence Yun, chief economist for the National Association of Realtors.
Prices jumped the most in the Northeast and Florida, averaging double-digit increases in both. Nationally, three of every five homes that national real estate broker Redfin handles are getting multiple offers, it reports, and slightly less than a quarter are selling for more than the original asking price. But in many high-demand markets, such as Denver or Seattle, well over half of homes are going for more than their original price. Let's say you can buy a house for $250,000, but you determine that desirable homes in your area have started going for about 5% above the asking price. That means you need to adjust the price of the homes — at least the best ones — you're looking for down by about $12,500 (5% of your actual budget).

If you absolutely must spend more than these calculations say you can afford, figure out how much more you're committing and go into the purchase with your eyes wide open. Should all of the extra money have to come from a bigger mortgage, you can probably cope with spending an additional 10% without too much pain or inconvenience.
But once you get up to 20% or 25% more, you'll have to make significant changes in other parts of your life, such as suspending contributions to retirement plans and college funds, or giving up vacations or other big ticket items. BB&T offers its clients a free service of financial calculators to help in their decision of how much to borrow, for what term, and if they should refinance. You can use this calculator to both find out the monthly payment as the final purchase price.
Some people choose to use the home equity loan since the interest rates are lower and can be deducted. If you have doubts as whether you should take advantage of low interest financing or a manufacturer rebate, use this calculator to help you to do the best decision. As it already says the name,  this calculator is for those who want to know how much they can spend to buy a new automobile. You can usually borrow up to $50,000 or half of the value of the account, whichever is less.
The interest you pay, generally a couple of percentage points above the prime rate, goes into your retirement account. If so, you probably need to reduce the size of your down payment to have more cash available for renovations. That's why it's so important to avoid pitfalls like letting the bank decide how much house you can afford or failing to check your credit before you try to buy. The imbalance in supply and demand pushed property values up about 6.3% in the first quarter of 2016 compared with a year ago. If you find yourself in the same situation, this calculator will show you if this change is the best option. Use this to find out f you should use a low interest home equity loan to buy your new vehicle. These mistakes can cause you to pay more than you need to, prevent your loan from closing or even lead to foreclosure.

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