purchasing home: How Much House Can I Afford? Mortgage, Taxes & Insurance
- 03/29/17 06:14 AM
How Do I Find The Best Interest Rate for My New Mortgage? Of course having a 20% of more down payment and great credit will go a long way to getting a good interest rate, there are other things you can do to help lower the rate if that isn’t your situation. Obtain your credit report and score - check your credit score before starting the loan application and try to fix any of the issues on it that you can. Purchase mortgage discount points – discount points will cost 1% of the loan amount and will typically lower the interest rate by 0.125 for … (1 comments)
purchasing home: How Much Should I Put Down As My Down Payment?
- 03/28/17 06:10 AM
How Much Should I Put Down As My Down Payment?Once you have figured out how much you are comfortably willing to pay each month for your new home, you will need to determine how much of a down payment you need. A general rule of thumb with conventional loans is to put down 20% of the purchase price. Many lenders see buyers who have at least 20% down as more attractive and stable and will often give them better interest rates. When saving your money for the down payment, also remember to set some of that aside for costs associated with … (2 comments)
purchasing home: How Much House Can I Afford?
- 03/26/17 06:51 AM
When you are starting the home buying process, the first question most people ask is: “How Much House Can I Afford?”28% of your income is the maximum amount you should spend on your house payment. Many first time homebuyers are in the dark when it comes to what they can afford. They know they are ready to stop paying rent or move into something they can call their own, but unsure of how much they can actually commit themselves to for the long-term duration of a mortgage. Many buyers start their research online using affordability calculators, others rely on how much the … (5 comments)
purchasing home: Closing Costs For Buyers : Part 6
- 03/20/17 11:57 AM
Closing Cost Guide For Buyers: The last costs that we are going to cover in this series include prepaid interest, taxes, & insurance. These are not fees you as a buyer are being charged, but costs related to your new home purchase. The numbers shown above are general estimates based on a home purchase of $250,000. Your costs will vary depending upon your interest rate, homeowner's premium, property taxes and any HOA fees you will be responsible for.
A few final tips for for homebuyers purchasing their new home: Catch up here in case you missed any of our other posts on Closing Costs for … (2 comments)
purchasing home: Closing Costs for Buyers : Part 5
- 03/19/17 07:15 AM
Closing Cost Guide For Buyers: Certain closing fees are negotiable and vary based on location. However, title and closing services are traditionally shared by both buyer and seller.
Here is Florida, the costs below are how the fees are normally split:
Costs To Be Paid By Seller: Documentary stamp taxes and surtax on deed, if any Owner’s Policy and Charges Title search charges Municipal lien search HOA/Condominium Association estoppel fees Recording and other fees needed to cure title Seller’s attorneys’ fees Costs To Be Paid By Buyer: Taxes and recording fees on notes and mortgages Recording fees for deed and … (4 comments)
Buyers typically forget to factor in inspection costs when they are thinking of buying. Remember to budget for all necessary inspections and other third-party services.
These costs are typically smaller amounts, but can start to add up. It's important to budget early for them so you aren't surprised later.
Remember to stop by tomorrow for Part 4! If you've missed the first two parts, you can find them here: Closing Costs for Buyers : Part 1 Closing Costs for Buyers : Part 2 Closing Costs for Buyers : Part 3
Amanda McNew (772) 663-2823 amanda@movetovero.com
For more articles like this or to … (2 comments)
purchasing home: Closing Costs for Buyers : Part 3
- 03/17/17 05:49 AM
Closing Cost Guide For Buyers: Closing Cost Guide For Buyers: Loan fees vary... make sure to shop around to find the best lender. The cheapest option isn’t always the best option. Make sure to understand the loan and check for any hidden costs from each lender before making a decision. **Pro-tip: Big banks aren't always best. As a buyer doing your due diligence on lenders, make sure to also check out local banks.**
Big banks (National) may be able to offer slightly better rates then local lenders. However, local lenders typically are able to offer more personalized customer service. They can sometimes use other … (3 comments)
Below is a simple example of what buyers can expect to pay in closing costs. Each state and locality is unique in the fees that are charged and costs can vary. But, generally, buyers can expect to pay 2-5% of the purchase price of the home in closing costs.
***Remember that closing costs do not include the remainder of your down payment***
If you are taking out a conventional 80/20 mortgage on a home purchase of $250,000, you will need to have $50,000 for the down payment. In most cases you will put down a good faith deposit, or … (4 comments)
purchasing home: Closing Costs for Buyers : Part 1
- 03/15/17 09:27 AM
What are Buyer Closing Costs? Other than 'how much home can I afford?', one of the major topics of discussion when a buyer is purchasing a new home is closing cost. Many buyers, even seasoned buyers, don't understand exactly what make up closing costs. With the real estate market tightening up and inventory is lower, it's important to prepare now for the closing costs associated with purchasing your new home!
Over the next couple days, we will be sharing what costs buyers typically pay in a real estate transaction, how much you should plan on setting aside for closing costs - and much more!
… (4 comments)
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Amanda Hope
Specializing in Vero Beach & Sebastian Real Estate
How Do I Find The Best Interest Rate for My New Mortgage? Of course having a 20% of more down payment and great credit will go a long way to getting a good interest rate, there are other things you can do to help lower the rate if that isn’t your situation.
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