 Is there any way you can get help with medical bills without health insurance? |
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kristin | Hazard insurance??? |
Im buying my first home and i need some help finding out what i have to pay other than my basic mortgage.....
so.. what is hazard insurance estimated at 150/mo
what is real estate taxes..estimated at 214/mo
mortgage insurance estimated at 214/mo...
are these payments to be made every month?? thats a lot of money |
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Faye H
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Hazard Insurance is your homeowners policy. $150 a month seems a bit high unless you're buying a mansion. I pay about $450 a year for my homeowners policy. You can't really compare my premium to yours as I live in a different part of the country and the values of our homes may be very different but I don't think I've ever known anyone with an $1800 a year homeowners premium. That has to be wrong.
Real estate taxes are just that. Every county I've ever lived in has real estate taxes. It's what you pay to the county every year. $2500 a year in taxes? Could be about right. Again, it depends on where you live.
Mortgage insurance - $214 a month? Wow. Who came up with that figure? That's absurd. Mortgage insurance pays the loan off if you die so your wife or next of kin gets the house free and clear. However, $214 a month is ridiculous. Also, is your lender requiring you to carry mortgage insurance? You need to get more info on that one as the price is way out of line. |
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MissV
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Hazard insurance is your homeowner's insurance: it provides safety for property loss due to fire, theft, etc. $150 month is too high.
Real estate taxes are due to your local government. It's the cost of the right to own the property. City taxes help pay for fire, local police protection. County taxes help pay for schools, county law enforcement.
Mortgage insurance is the cost to insure your loan. $214 is high. It's usually around $50 month (depending on size of your mortgage). |
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bestlggs
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Yes it is every month, but you may also choose to pay your insurance and property taxes separate. You can pay a lump sum for the entire year or just have it included with your monthly mortgage payment. These cost go to your escrow account. |
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mbrcatz
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hazard insurance is a mortgage term, HOMEOWNERS insurance is probably what you want. Real estate taxes are property & school taxes you pay to local, county or state. Mortgage insurance - might be PMI, but that's awfully high.
Yes, those would be amounts you pay monthly - real estate taxes ARE high, IMO, but the homeowners insurance depends on the size of your house and value (cost to rebuild), not to mention location and a few other things.
If you put 20% down, you don't need the private mortgage insurance - that saves a TON. |
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efrankbkkcam1
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you can find cheaper |
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Karen
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It sounds like they are including your taxes and insurance with your monthly payment.
Hazzard Ins is your Home owners insurance
Real estate tax is the taxes on the property that are payable to the county treasurer.
mortgage insurance is something that is required if you have a loan to value of over 90%.
Yes, that does sound like a lot of money! They take those amounts PLUS your monthly mortgage payment. Email me if you want, I can prolly get you a better deal with a company that I do business with. I am an escrow officer. |
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CaseyAngelEyes
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If you are paying $150 per month for hazard insurance then you are paying too much. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than ½ after I did.
Go to: http://www.insureme.com/landing.aspx?Refby=616162&Type=home
Take care,
Casey |
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MARK S
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Hazard insurance is insurance for fire, wind, hail and a couple other perils that a mortgage company will require if they lend on the property. They only require the basic dwelling fire policy (DP1) but you're better off with a homeowners policy. Depending where you are $150 mo is not out of line. Real estate tax is probably your property taxes which is a percentage of the value of the property. Mortgage insurance is probably PMI insurance. PMI is required when you have less than 20% down. It's insurance for the bank that you pay in case you default on your loan. It is expensive. There are ways around the PMI insurance however. |
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hightechchic
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Yes, that's a lot of money. And yes, it's entirely possible that these figures are correct.
However, in most cases, the prices that you've listed would be outrageously over-estimated... Unless you're buying a million-dollar property, or even a much more modest one in someplace like Florida, or parts of Louisiana, Mississippi, Texas, or California. (Even Kentucky and West Virginia have outrageously high homeowners rates, primarily due to the liability exposures since these states have no method for handling frivilous lawsuits before going as far as a full-fledged court case.)
Everything's relative. What's the purchase price on the property? Where's it located? Who's giving you these estimates? These are going to be the keys to finding out if the numbers jive.
I do think that $214/month for "mortgage insurance" is way out of the park, though. Unless you're over sixty, you've got some serious pre-existing conditions, or you're trying to insure a $2.1 million mortgage, you can probably do better with pure term insurance (and then the face amount would remain the same over time, so you'd also be leaving an additional benefit for your family.) |
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Chrys
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duh.....
if it says EVERY MONTH it means EVERY MONTH...
Why do you think so many people can't afford to OWN a home ??? |
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