What do you have to do when you are about to purchase your new house with your home mortgage loan? Here follow several points to consider in order to get a smooth agreement with your seller and the bank that lend home mortgage loan.
The cash down payment must cover ideally 10% of the total purchase price of your new house.
Here is the amount you could pay over a 25 years term depending on the total amount you borrow.
The interest rate is 6.75% and the amount includes what you pay on interest and capital during the repayment period.
|
Monthly Home Mortgage Loan Payment |
Total Amount of your Home Mortgage Loan |
| $686 | $100 000 |
| $823 | $120 000 |
| $960 | $140 000 |
| $1 097 | $160 000 |
| $1 234 | $180 000 |
| $1 371 | $200 000 |
| $1 713 | $250 000 |
| $2 056 | $300 000 |
| $2 398 | $350 000 |
| $2 741 | $400 000 |
| $3 083 | $450 000 |
| $3 426 | $500 000 |
| $3 768 | $550 000 |
| $4 111 | $600 000 |
| $4 453 | $650 000 |
| $4 796 | $700 000 |
| $5 138 | $750 000 |
| $5 481 | $800 000 |
Please note that all figures are an approximation. And home mortgage loan interest rates vary, if rates are higher, you may be eligible for a smaller home mortgage loan. But if interest rates are lower, your home mortgage loan may be higher.
These figures do not include insurance premiums related to high-ratio loan.
Your real estate agent can give you more information about existing rates and refer you to a specialist to help you decide conditions and options appropriate to your situation.
That’s all for this article. If you have any comments or experience to share, please write it right away! You will help a lot of people to get good information and avoid mistakes!
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