I have a serious question about buying a home in SF and mortgages that I thought I'd ask this community for your experiences. My parents are able to contribute up to $400k for a downpayment, and my salary income is $180k.
Roughly what can I expect for the kind of mortgage I can get (what is the ballpark max. home price could I possibly afford) and what's the general opinion on traditional lenders like banks vs. more 'startup'y lenders like SoFi and others?
Thanks!
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Ar current interest rates that seems to allow for approx. 800k in mortgage. Add the 400k down payment and your max house price is around 1.2MM
I’ve used JMV lending for my two mortgages. They are not the cheapest one, but they can close in 20 days which can be a winning factor when you bid for a place in SF.
Go with big banks such as Wells Fargo or Chase and let them compete for a lower interest rate. Small banks are usually more expensive.