My mortgage loan with the FHA will require you to pay $1,200 a month in principal and interest for 10 years.
This is a great deal for people like me.
But it’s not what I expected.
The FHA requires you to make at least $20,000 a year to qualify for a loan.
That’s a huge amount of money.
And it’s more than what I make now.
My mortgage is paying off a lot.
But I have no way of knowing how much it will pay off over the next decade, let alone 10.
This means I’ll probably need to take out more debt in the next few years.
So, I started looking for a new mortgage.
Here are the steps I took to find one that’s better than the one I’m paying.
First, I looked at the loan terms.
Most loans are offered in the 30-year term, so I figured that I would be able to borrow the minimum amount I needed to get into the best interest rate for my income.
That would mean that I’d need to borrow about $30,000 over 10 years for the minimum loan payment of $1.20 per $1 I earned.
But that’s only if I keep my current income, which means that I’ll have to work more than I earn to pay off the loan.
If I stay at the same level, I’ll only need to work an additional 8 hours per week to pay my monthly mortgage loan payment.
So the more hours I work, the more I’ll need to pay back the loan over time.
Second, I researched the FHFA loan requirements for homeowners.
The minimum loan is $400,000, which is less than the $1 million that most people in the middle class can borrow.
But for the lowest-income people in Canada, the FHCF loan will be less than $500,000.
This can mean that my monthly payment for the FHO loan will drop to about $1 per $100 I earn.
If my income is $60,000 or less, that means that the FHE loan payment will be $1 a month.
But if my income increases, the payment could go up to about three times that.
If your income increases every year, you can expect to pay more for your mortgage over time, which can put your monthly payments at risk.
My goal for this article was to get a loan that would pay off in 10 years with minimal debt.
But this isn’t how FHA loans work.
If you are on a fixed income, like I am, and you need a mortgage to cover the costs of living, you have to be able pay off your mortgage within 10 years of moving into your new home.
This isn’t possible with a FHA, because you need to make more than the minimum in 10 different ways to qualify.
And the FHBF loan requires that you make the payment on time every month, so it requires more time to pay down the loan than the FHI loan.
To qualify for the mortgage with the highest interest rate, you must pay off a minimum of $20 to qualify, and then you have 10 years to pay that down.
If that’s too much to ask, then you could always borrow money from your employer and put it towards the mortgage.
But the best way to pay it off in the shortest amount of time is to keep your current income.
Here’s how I did it: I calculated my monthly expenses for the next five years.
I then took my income and calculated how much money I would need to have saved to pay the interest on my FH loan in 10 of those years.
After looking at my income for each of the years, I calculated how I would have to pay for the loan in each of those five years in order to qualify under the FHS.
For the FHT, I added up the interest rate that was available at the time I paid my mortgage and divided that by the number of years I was earning, to get the total payment I would actually have to make.
For example, if I was paying off my mortgage in two different years, that would be $2,000 for each year.
I calculated that $2 in monthly payments, divided by the ten years I worked, would mean I would pay $14,000 in 10 out of 10 years, which was a bit less than my monthly income.
But since my mortgage was still paying off, I didn’t feel the need to worry about the payments.
For each year I worked on the FHLF loan, I deducted about $12 from my paycheque, and that meant I would still need to save $20 a month over the course of 10 to make up for the difference in interest rates.
For this example, my savings would have been about $4,000 to pay this off, so that meant that my mortgage payments would be about $2.00 a month each year