What would be a typical mortgage rate on a $300,000 home, and how much should you put down?

and what would be the monthly payment?What would be a typical mortgage rate on a $300,000 home, and how much should you put down?
Your question has a lot a variables to it, credit rating, current employment status (how long there etc), current level of debt the term of the mortgage (20 years, 30 years.)





General rules of thumb would be the more of a down payment you make the lower the interest and monthly payment.





Some general figures so you can compare how your payment varies with a 1% interest change.





With 10% ($30,000) down at 6.5% for a 20 year note payments would be $2,013.05 a month. For a 30 year mortgage with the same down payment and rate it would be $1,706.58.





Same conditions at 1 percent more, 7.5% would be $2,175.10 monthly paymets for a 20 year note or $1,887.88 for a 30 year mortgage. With the fed continually dropping the interest rate you should get an offer higher then 7.5% unless you're a bad credit risk -- lenders are nervous due to the subprime mortgage crisis.





So that 1% difference costs over $150 every month for the life of the mortgage.





Typically mortgage companies/banks get hesitant if your monthly payment would be more then 25-30% of your gross monthly income. Though if you have a high debt load they may want your housing/income ratio to be lower.





Look at your savings and other liquid assets, leave enough for a 6 month emergency and see what you left have for a down payment. The larger the down payment the better for you in the long run. It reduces the amount you borrow and gives you a significant savings on your interest over the course of the loan.





Avoid balloon payments and adjustable interest rates, that's what's hurting a lot of people now.





I disagree with the advice to never take a 30 year mortage. If an attractive fixed rate is offered you should consider it should rates go lower you can always refinance if they don't you can always make additional payments directly against the principle to reduce the interest you pay. Interesting side note, if you get a 3% raise at work each year after 14 years your making more then 50% more a month then you do now, yet your housing cost is unchanged)





Additional tip, shop arround -- do not assume the bank you've been using forever will give you the best rate.What would be a typical mortgage rate on a $300,000 home, and how much should you put down?
There is nothing normal in the real estate industry. About the only thing normal is that each of us have a credit score.





This credit score will determine the type of mortgage you are qualified to get. It will determine the length of the loan, interest rate, if you have to bring money to the table for a down payment.





Now there are other requirements that will determine how much a lender will lend you to buy a house. This has something to do with how much you earn each month and the amount of debts you are currently paying from what you earn.





Now together with what you are paying out each month and and your new proposed mortgage amount will determine how much the lender will lend you.





You, as well as, anyone else want to discuss rates and the mortgage broker know nothing about you, your credit score, how your pay your debts, what you earn per year, how many debts you have to pay per month.





As soon as these things are known then and only then can someone come close to telling you what rate you will be getting, how much house you can buy and eventually your monthly payments.





So for someone to sit here in this forum and tell you that your payments will be this or that and and you can get a 30 year mortgage, but stay away from an adjustable rate mortgage is beyound me.





Now the best thing to do is call a local mortgage broker from your telephone book, set up an appointment and allow him to complete a loan application.





There are many documents you will need to complete the loan application, but here are a couple of things you will need to start





If you are serious about purchasing a property then take this action. If you are just seeking information and don't plan to buy immediately and just seeking information this is a good forum to get speculations about what might be,or possibilities.





#1 2 years of w-2


#2 2 years of federal income tax


#3 a month of pay stubs from your employer





I hope this will be of some use to you, good luck.





';FIGHT ON';
http://www.mortgage101.com/Rates/Index.a鈥?/a>





Normally, you put down 10%


but not always


go for the 15 to 20 year mortgage.





NEVER a 30.
go to bankrate.com and put the name of the state for which you are looking at property first and which kind of loan product you are most interested in. There are many types of mortgages available out there. Be sure your credit report is accurate before you apply for a mortgage, and get pre-approved with a lender to save time once you find that dream home you love.





Mortgage loans at 300K are not hard to get if your finances are in order and you have the typical 20% down payment and assets, etc. At todays rates you can expect a payment around 1750.00 without taxes or insurance for a 30 year term, this is an estimate ONLY. 30 years is a long time to pay for a home, but it gets you in the door.