I am looking to purchase a townhouse in Waldorf, Maryland. The deal is $500,000 with no concessions. House is roughly 10 years old and in great shape. I already paid for the inspection and it came back with no major issues. The issue is with my finances. My mortgage rate is 6.6%, which shocked me because I have near perfect credit and no debt, which puts my estimated mortgage at $3,500, not including utilities or HOA. I though my rate would be closer to 6.1% since that is what is advertised everywhere. I bring home basically $6,000 a month. It's just myself. Will I be house poor if I go through with this purchase? Are rates likely to decrease soon? Or house costs?
Charles County, MD – Am I making a mistake in purchasing this house with my finances?
byu/Necochan inRealEstate
Posted by Necochan
2 Comments
Find another lender.
6.6% is what the rates are right now, but different lenders have different options so I would try a few of them and see if any of them can get your numbers to work for you.
You think .5 difference in the rate is going to make or break you? That’s too much house for your finances.