How much is an average interest rate? And How does a musician get a mortgage?

I am a muscian who has just recently has gone into negotiations with major label and should be signing my first record deal soon. Like many former starving artists my credit is poor. I fully intend on paying off all my debt about 3K in all as soon as I get my advance money... I am really a novice to this arena, so if you guys could help me answer these two questions it would really help.





1. What type of rate can I expect(keeping in mind that I have bad credit but will have recently paid all my bills off).





2. Will I be able to be financed based on my advance money? This is money that is for the artist to live off while they record and can be intended to last anywhere from 1-3 years or however long it takes for the record to be released. My adavance will be in the high five to low six figure range. Will they even finace a musician? Im not getting enough money to buy a house and cash and I really want to take the step up from renting....





Thanx in advanceHow much is an average interest rate? And How does a musician get a mortgage?
As far as the loan goes, it pretty much depends on your credit history. If it is pretty decent, you might be able to get an interest rate around 6-7%. But hey, they'll practically give anybody a mortgage. You may get a higher interest rate and have to carry PMI, but SOMEONE will work with you. Piece of advice, don't get in over your head. Mortgages are for 30 years - make sure you are gonna be able to handle this for the next 30 years! You definitely don't want a foreclosure on your credit. Good luck.How much is an average interest rate? And How does a musician get a mortgage?
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.





Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.





http://money.cnn.com/2006/09/08/real_est鈥?/a>


http://money.cnn.com/2006/09/05/real_est鈥?/a>





As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.





Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).





Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.





Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.





Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!





Good luck!





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http://www.lofinance.blogspot.com
Hi,


First you need to determine what is your middle fico score, my next question is are you in California? If your fico score is in the high 500's you can still purchase a home, if it is above 600, you can qualify for 100% finance.





I would say work on getting your fico score high enough, there are ways you can get a much better fico, however, it does take work and a little time. You would be able to obtain financing as a self employed borrower and obtaining a letter from the label, or employer stipulating the nature and term of your contract. This will help you qualify, You'll also need to determine the purchase price of the property and if you do get 100% financing you'll need to have reserves and not touch them in order to be able to make the monthly payment, if you do . you'll need to have a 1st and 2nd trust deeds, (two loans) 80% and 20% your rate will be determined based on your fico score, you are looking at about 7.5% on the first and 11.95% on the second.





If this scares you, work on your fico first and then buy. You can show the lender you are able to afford the payments and are capable of buying the property if you have consistent 12 months bank statements showing high deposits. and they will approve your loan.





If you have any other questions I'll be glad to help. You may email me at: onefestivebunny@yahoo.com