Post # 1
I often see questions on the bee about home buying, which has made me realize that there are a great deal of people who don’t know the basics, have lots of questions, or are just confused! Which is normal 😊 I am in my mid 20’s, am a Realtor, and I love houses! My goal for 2018 is to educate my peers on the home buying (or selling) process so they feel more comfortable with it. I’m going to do short 1-2 min segments once or twice a week and answer one question at a time. These will likely be on my instagram. So, I’m wondering if you guys can help me get started? I’ll answer your questions here, but I’m looking for topics to start with. What do you guys want to know? There are no dumb questions! I appreciate all of your ideas and help 😊
Post # 2
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
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
-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
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
- Wedding: April 2017 - Valleybrook Country Club
mrscb2bee : What will this new tax bill mean for the housing market and home values?
Post # 7
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.
Post # 8
kawood0618 : Okay so if you purchased the house from your parents for a low price and “got a deal” then you likely paid less than the house appraised for. So you technically have equity in the house already. If the house appraised for anything over $131k, then you wouldn’t need to pay PMI because you would already have had 20% equity (even without actually paying the 20%). Pull out a copy of your appraisal because I’d be willing to bet that’s what happened.
Post # 9
kimmacph : newlybeebride : bewitched : DoubleD : MrsSapphire :
Great questions!!! Thank you all 😊 I will answer these when I get home. I’ve been pre-viewing and showing houses all day. But I so appreciate the questions and ideas you’ve given me
Post # 10
mrscb2bee : Thank you for the possible explanation! I will check this out when I can.
Post # 11
I live in Iowa, but what are good low/no down payment options?
Post # 12
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
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?