What questions do YOU have about home buying?

posted 2 years ago in The Lounge
Post # 2
Member
696 posts
Busy bee

Depends where you are; different laws in different countries/provinces/states!

I’m in the process of buying a pre-build apartment; my main questions were:
– How early can I apply for my mortgage and lock in a rate.
– Pros/Cons of going through a bank or broker
– How does first time homebuyer benefits work? How do I claim it on my taxes?
– I learn t that I needed a lawyer for pre-build apartments; I was unaware
– Don’t forget about the taxes! Everyone forgets to budget for the taxes.. First-time homebuyers get a rebate; how much? Do I need to pay transfer tax (in our case no as it is new)?

Post # 3
Member
37 posts
Newbee

I’m so ignorant about it! This would be great!

-Who pays for the realtor?
-How much should I budget for taxes/closing/etc?

Post # 4
Member
1130 posts
Bumble bee

-How do you know when you have a good realtor?
-What’s the shortest period of time you should you live in home to break even or not lose money?
-Is it ever worth it to not put 20% down?

Post # 5
Member
2473 posts
Buzzing bee
  • Wedding: May 2017

Should you go with the lender your realtor sets you up with or should you shop around? Are bank loans better than a different independent lender? Ive heard different things about it. Also, do different lenders offer different buyer incentives or do you qualify for things by state/income like FHA, down payment assistance,  closing costs,  etc? I spoke with my bank which is Wells Fargo and they showed me different buyer options. 

Post # 6
Member
2604 posts
Sugar bee
  • Wedding: April 2017 - Valleybrook Country Club

mrscb2bee :  What will this new tax bill mean for the housing market and home values?

Post # 7
Member
662 posts
Busy bee
  • Wedding: November 2016

 

mrscb2bee :  

Great post topic!  So I have a question that has been baffling me for a while now, but I am too scared to bring the subject up with my bank in case there has been a mistake…I don’t think we are being charged PMI when we should be.  We bought our house from my parents a little over 2 years ago for a pretty low price ($105k for a 1,200 sq ft 3bd, 2 ba brick home on a large corner lot in a great neighborhood), and because we knew our monthly payment would be very low without putting any money down, we decided to keep our money in savings instead of putting it towards our downpayment. Here is some of the relevant information:

Loan Type: First Mortgage

Current Interest Rate: 3.75%

Breakdown of current mortgage payment: Total Payment: $721   Principal: $180   Interest: $318   Escrow: $223

Breakdown of escrow payment: Escrow goes towards parish tax, hazard insurance and USDA Rural Development

 

I have noticed that as time as gone on, the amount going towards principal increases while the amount towards interest decreases.  So I guess my question is do you think the PMI is included in the interest being charged, or do you think we are not being charged PMI at all?  I know that for the first few years you are mainly paying towards interest and not so much principal, but I’m just not sure if PMI would be included under interest or not.

Thanks!

 

Post # 10
Member
662 posts
Busy bee
  • Wedding: November 2016

mrscb2bee :  Thank you for the possible explanation!  I will check this out when I can.

Post # 11
Member
62 posts
Worker bee

I live in Iowa, but what are good low/no down payment options?

Post # 12
Member
58 posts
Worker bee

mrscb2bee :  I love this! I just resigned from my leasing agent job to start as a real estate agent after finding a broker so seeing all of this is really interesting 🤓

Post # 13
Member
26 posts
Newbee

How does a homeowner pay property taxes? When do you pay them? Does the township or municipality send you a bill at the beginning/end of the year? Or do homeowners have to remit them monthly at city hall?

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