Sentences with phrase «cost than your current mortgage»

This occurs when you sell your home at a lower cost than your current mortgage.

Not exact matches

Whatever is the current cause of the rise of prices in the housing market, when computed as the mortgage cost in labour time in terms of the average weekly salary, residential properties, with the exception of the 1988 - 1991 period, are now clearly less affordable for middle - class Canadians than they were for the last five decades.

With a current 5 % hurdle, I am not paying down mortgages that cost less than 4 %.

You have to decide what's worth giving up if your mortgage payment is much higher than your current housing costs.

Given today's current mortgage rates, present loan limits and attendant insurance costs borrowers with an interest in an FHA mortgage may want to consider financing or refinancing now rather than later.

An FHA Streamline Refinance is a good option to reduce mortgage costs for homeowners whose mortgage rate is higher than the current rate, or who owe more on their mortgage than their house is worth.

Generally, for a mortgage refinance to save you money, you will need an approval for a home loan that costs less than the finance charge remaining on your current mortgage.

If monthly mortgage payments will be higher than their current or previous rent, however, you should stress that the impact and benefits of homeownership go much deeper than the cost of monthly payments.

Ask an accountant to calculate precisely how much your new mortgage (including points, fees and closing costs) will cost and whether, in the long run, it will cost less than your current mortgage.

Depending on income and current liabilities, with applications of less than 20 % down, our lenders will use a conservative qualifying ratio of 35/42 %, whereby up to 35 % of your income is to be used towards the mortgage payment, heating costs, property taxes and / or strata fee payments.

If current interest rates are higher than the interest rate you are currently paying for your mortgage loan, refinancing may cost you more than staying with your current mortgage.

Under the current system, lenders pay insurance premiums for mortgage loan insurance and pass on the cost of this insurance to buyers who put down less than 20 % (the lenders will still buy this insurance even if a buyer puts down more than 20 %, but don't pass on the cost).

They did find us a lower rate on a mortgage, but after closing costs and mortgage insurance it wasn't much better than our current mortgage — especially given that we may not be living here for more than a few years.

The cost to rebuild a home actually could be more than what you could sell it for, and insurance usually has to cover how much is owed on a person's mortgage, even if it's more than the current value of the home, experts say.

Suburban REALTORS Alliance Position The Alliance is opposed to increases in the current transfer tax for the following reasons: 1) As the transfer tax is levied only on buyers and sellers of property, the burden per taxpayer is greater than the burden from a more broad - based tax designed to generate the same amount of revenue; 2) Since public transportation is a benefit that is open to all members of society, the charge should not be placed solely on buyers and sellers of property; 3) The transfer tax adds additional burdens on first - time home buyers saving for a down - payment and covering the closing costs and runs contrary to existing federal, state, and local programs including the mortgage interest deduction, low interest property maintenance loans, and grants to first time homebuyers; 4) A real estate transfer tax is a state and local tax assessed on real property when ownership of the property is exchanged between parties.

If monthly mortgage payments will be higher than their current or previous rent, however, you should stress that the impact and benefits of homeownership go much deeper than the cost of monthly payments.

In addition, the final rule requires creditors and mortgage brokers to retain documentation sufficient to show their supervisory agencies that one of the exceptions applies whenever a cost for a service provided by a company that is owned by or affiliated with the creditor proves to be higher than estimated in the Loan Estimate in excess of the tolerances under § 1026.19 (e)(3) and a revised Loan Estimate is provided, similar to the current document retention requirements under Regulation X for when the RESPA GFE is reissued.