Question by Shiloh: Can I use my car toward down payment on a home?
I have a few thousand left that I need for my down payment on a home loan. My car is paid off and is worth more than what I even need. Will a lender use my car’s value toward the down payment if I let them put a lien on it.
Best answer:
Answer by Quick Answers
No. They’d expect you to sell it and use the cash.
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Question by Mr. E: what can be the mortgage rate for 150k house?
for my parents to loan 150k. they have 2 apts and 1 house overseas, buy more about and $ in the bank. they want to buy house in florida. what will be the calculations?
Best answer:
Answer by jakob
Five dollars
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Do you mean they want to BORROW $ 150K?
Current mortgage rates are around 3.5 to 4.0 percent for borrowers with good credit.
Overseas properties do not come into play. They cannot be used as collateral for this loan because the bank has no means to seize foreign properties.
The calculations are based off of their income and current (domestic) debt load. Roughly, you can be approved for up to 3 times your annual salary if you have good employment history and a good credit score, so if they were making 50k/year they could be approved for $ 150k. They would also need a down payment too – if they qualify for an FHA loan that could be as little as 3.5% but a traditional mortgage would be much more.
Google “mortgage calculator” for a better estimate, or just walk into any bank and ask to pre-qualify for a mortgage so you’ll know how much if any they can potentially get, or they’ll at least know what they need to work on if they are turned down.