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monthly payment: We're thinking about buying a home in the next year or two. How can we best prepare for a home purchase? - 05/10/11 01:02 AM
I have a lot of people asking me how to best prepare for a home purchase in the next year or two.
Here are a few tips. I'm more than happy to answer any additional questions anyone considering a home purchase in the next 2 years may have.
How much should you save for a down payment?
If you CAN, try and save 20% of the purchase price as a down payment. Here's why: Mortgage Insurance. Mortgage insurance is getting expensive and can equal hundreds of dollars a month on your mortgage payment. None of which goes toward the principle balance … (62 comments)

monthly payment: FHA MIP on the Rise - FHA Loans Becoming Less Attractive, Costing More - 02/16/11 04:05 PM
FHA Annual Mortgage Insurance Premium just went up another .25%
On a $300,000 loan, this means the monthly payment just went up $62.50 per month!
This goes into effect on loans insured by FHA on or after April 18, 2011.
I hope our new construction buyers with FHA loans have homes to close on before then!
There is surprisingly little coverage on this. Here is one of the few links I could find other than bloggers: Fox News
If you will be buying a home with FHA Financing this spring ANYWAY, you may want to consider beginning your home search a … (3 comments)

monthly payment: The New Good Faith Estimate (GFE) Form, Page 1 (Part 2) - 11/12/09 01:07 AM
The bottom half of page 1 of the Good Faith Estimate (GFE) form begins with a Summary of your Loan Section. This is where a lot of disclosures regarding the loan will be made.
What is the initial loan amount? What is the initial interest rate? What will your initial monthly payment be? (Principal and Interest, and any mortgage insurance if applicable. Taxes and homeowner's insurance are not included here, but may be required to be paid as part of your monthly payment.) Can your interest rate rise? If so, how much? Can your loan balance rise? If so, how much? … (0 comments)

 
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Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT

Salt Lake City, UT

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