Lowest montly payment - GM Forum - Buick, Cadillac, Chev, Olds, GMC & Pontiac chat


Lounge For casual talk about things unrelated to General Motors. In other words, off-topic stuff. And anything else that does not fit Section Description.

Reply
 
 
 
Thread Tools Search this Thread
Old 07-01-2006, 05:35 PM   #1
Senior Member
Certified Car Nut
Thread Starter
 
Join Date: Mar 2003
Posts: 12,432
Thanks: 0
Thanked 0 Times in 0 Posts
J Wikoff is on a distinguished road
Default Lowest montly payment

What'* the best way to get a low monthly payment on a 30 year home loan?
J Wikoff is offline   Reply With Quote
Old 07-01-2006, 05:39 PM   #2
Senior Member
Certified Car Nut
Thread Starter
 
Join Date: Mar 2003
Posts: 12,432
Thanks: 0
Thanked 0 Times in 0 Posts
J Wikoff is on a distinguished road
Default

Is it maybe better to do a 4 year loan thingy and refinance later since rates have been climbing recently?
J Wikoff is offline   Reply With Quote
Old 07-01-2006, 05:49 PM   #3
Senior Member
True Car Nut
 
Join Date: Feb 2006
Location: Melrose
Posts: 4,596
Thanks: 0
Thanked 0 Times in 0 Posts
BLACK94SSEi is on a distinguished road
Default Re: Lowest montly payment

Quote:
Originally Posted by J Wikoff
What'* the best way to get a low monthly payment on a 30 year home loan?
A whopping down payment and A1 credit
BLACK94SSEi is offline   Reply With Quote
Old 07-01-2006, 05:52 PM   #4
Senior Member
Certified Car Nut
Thread Starter
 
Join Date: Mar 2003
Posts: 12,432
Thanks: 0
Thanked 0 Times in 0 Posts
J Wikoff is on a distinguished road
Default

Our credit is fine. How much down payment we will have is out of our control to increase at this point.

I'm looking for advice on loan types, terms, etc.
J Wikoff is offline   Reply With Quote
Old 07-01-2006, 06:41 PM   #5
Senior Member
True Car Nut
 
Join Date: Feb 2006
Location: Delaware & Long Island NY
Posts: 3,239
Thanks: 0
Thanked 0 Times in 0 Posts
Shadow is on a distinguished road
Default Re: Lowest montly payment

Quote:
Originally Posted by BLACK94SSEi
Quote:
Originally Posted by J Wikoff
What'* the best way to get a low monthly payment on a 30 year home loan?
A whopping down payment and A1 credit

X2 I put 75% down and financed the rest over 30 years at 6% The house cost $245,000 last October.
Shadow is offline   Reply With Quote
Old 07-01-2006, 06:43 PM   #6
Senior Member
Certified Car Nut
Thread Starter
 
Join Date: Mar 2003
Posts: 12,432
Thanks: 0
Thanked 0 Times in 0 Posts
J Wikoff is on a distinguished road
Default

Super. Now, if I have 3-5% down...
J Wikoff is offline   Reply With Quote
Old 07-01-2006, 06:51 PM   #7
Senior Member
True Car Nut
 
Join Date: Dec 2005
Location: August 07 COTM....NEBF '06, CEBF '06 OHMM '06 ONBF '07 CEBF '07
Posts: 4,064
Thanks: 0
Thanked 0 Times in 0 Posts
PRD2BDF is on a distinguished road
Default Re: Lowest montly payment

Quote:
Originally Posted by Shadow
Quote:
Originally Posted by BLACK94SSEi
Quote:
Originally Posted by J Wikoff
What'* the best way to get a low monthly payment on a 30 year home loan?
A whopping down payment and A1 credit

X2 I put 75% down and financed the rest over 30 years at 6% The house cost $245,000 last October.
Whoa.... can I be adopted by you?

Okay back to the topic...
PRD2BDF is offline   Reply With Quote
Old 07-01-2006, 06:56 PM   #8
Senior Member
True Car Nut
 
Join Date: Feb 2006
Location: Delaware & Long Island NY
Posts: 3,239
Thanks: 0
Thanked 0 Times in 0 Posts
Shadow is on a distinguished road
Default Re: Lowest montly payment

Quote:
Originally Posted by fuelforthesoul1999
Quote:
Originally Posted by Shadow
Quote:
Originally Posted by BLACK94SSEi
Quote:
Originally Posted by J Wikoff
What'* the best way to get a low monthly payment on a 30 year home loan?
A whopping down payment and A1 credit

X2 I put 75% down and financed the rest over 30 years at 6% The house cost $245,000 last October.
Whoa.... can I be adopted by you?

Okay back to the topic...
Well I am 35 so it has taken some time to save.....

Anyway stay away from any interest only loans.... they love to push them on first time buyers.
Shadow is offline   Reply With Quote
Old 07-01-2006, 07:06 PM   #9
Administratus Emeritus
Certified Car Nut
 
GXP Venom's Avatar
 
Join Date: Jan 2006
Location: Purgatory, Pennsylvania
Posts: 16,538
Thanked 7 Times in 4 Posts
GXP Venom is on a distinguished road
Default

Whether you go FHA or conventional, I would get the best fixed 30year loan now and live with it because in 3-4 years home financing is going back up to levels before all this Greenspan kill the middle class reverse interest gouging started. I know thats sounds cruel for a lendee but the Feds have been giving money away ( at vitually no interest) for a long time to control inflation and spur growth but the cycle has bottomed out and has to go up.
GXP Venom is offline   Reply With Quote
Old 07-01-2006, 07:18 PM   #10
Senior Member
Expert Gearhead
 
Join Date: Dec 2002
Location: Mississauga, Ontario
Posts: 20,892
Thanks: 0
Thanked 1 Time in 1 Post
Jim W is on a distinguished road
Default

John, I'd love to help you but buying a home in Canada is different then in the USA.

That being said, is there mortgage insurance available? I was able to buy my first home with 10% down, to avoid mortgage insurance, buyers need 25% down on the purchase price. Also, first time home buyers have the ability to buy with as low as 5% down. In Canada you can also use $20 000 of your RRSP (retirement savings program) to finance your downpayment. However 2 years after, you need to pay yourself back over a 15 year span.

*sigh* but thats here, investigate what the options are in the US.
Jim W is offline   Reply With Quote
 
 
Reply

Related Topics
Thread Thread Starter Forum Replies Last Post
Sony XM Sat (NO MONTLY PMT) F/S Bville_GXP Lounge 0 09-25-2012 08:31 PM
Lowest idle? LuxuriesPremier 1992-1999 8 06-21-2005 05:27 PM
Where to get new tires (HI-PERF's) for the lowest price? OLBlueEyesBonne Lounge 4 04-26-2004 01:28 AM


Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -4. The time now is 04:52 PM.


We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.