 Is it considered rude to use multiple agents when looking for a house? |
| I'm in the market for a new house, but want to maximize the number of properties I will see. Is it considered rude if I were to use a few realty agents instead of just one?... |
|
 I think my apt may have mold, but none is visible. Do I test or ask the landlord to? |
| I have had a reoccurring rash for about 2 months now. I have been to dr after dr and they can't figure out what is wrong. I'm feeling tired a lot and having headaches.I have taken three ... |
|
 Has anyone else had trouble with Richardson Equities LLC? |
| We recently tried to work with this company to purchase a home for us. What experiences have anyone else had? In the end they took our money, left us homeless and won't respond to any ... |
|
 Need help with council housing? |
| My husband and I have recently spilt and I am currently in army accommodation, however before long I will be given 3months to move out. I cannot afford to rent privately so that is not an option. So ... |
|
 Relocating from California to Atlanta, GA.? |
I am considering a relocation from the Bay area to Atlanta. I have never relocated before. What should I be thinking about and taking into consideration?
If any of you have done this ... |
|
 Refinance: mortgage is 280K property value is only 230K. Do you know anyone who can refinance this? |
| The mortgage resets in another 2 months and the payment will go up about $500. Is their any plan to refinance this mortgage???... |
|
 Do I have to be on the lease if I want to live w/bf or can't I just be a tenant under him? |
| I've lived with my bf for about 3yrs now and never had a prblm. until recently we complained about the noise from new tenants, I am now being asked to fill out an app,credit check and other docs ... |
|
 How do I go about getting a REHAB Loan as a first time buyer? |
| I am a first time buyer, and I am finding it hard to find a good home in my price range. I am thinking of maybe buying a rehab house, but I don't know if it is possible to get a rehab loan as a ... |
|
 What does flexible 2 bedroom mean? |
| I don't know if this means 1br convertible to 2 br, or if it means the lease is flexible.... |
|
 Your Opinion - Should we change Realtors? |
| So hubby and his brothers/sisters all own their mothers house close to Lake Michigan. A year ago last January, we put it up for sale....almost two years later and it is still for sale. We started ... |
|
 I am renting a house right now and would like to own it but do not have the credit to do so.? |
| The landlord said that I could just continue paying the morgage payments until the loan is paid off and then the house is mine. What type of contract should I make up for us both to sign.... |
|
 Can landlord do anything if i just pack up and leave? |
| To make a long story short. We recently moved into a 2 unit building. When signing our lease stressed to our landlord we worked days and are in bed by 11pm and would like tenants with similar work ... |
|
 Do you believe that Mortgage Lenders caused the real estate so called "crisis?"? |
| The interest rates are still great. (at one time they were 12%+.) The glut of inventory is caused by investors and buyers who didn't qualify or couldn't afford the houses they were buying, ... |
|
 Closing cost for selling a home? |
| When I bought my home 3 years ago in California, I paid the closing cost at that time. And now, I am selling it, but my agent said that I will have to pay for closing cost again, he said that ... |
|
 Our realtor offered us 5000.00 after we closed on house.Weclosed and she has never paid us 5000.00.? |
| Traci the realtor said if you buy my house I will give you 5000.00 at closing.She said I will selll the house to you for 115000.00 but we will take out the loan for 120000.00 so she would get more of ... |
|
 Is it a good idea to let your tenant, who is struggling, rent for free for a month or two? |
| They pay 1000 a month, they are a family of 5 (two adults, 3 children). The father works only, but he had a disk herniation, and couldn't work for a year about 2 years ago..He's still a ... |
|
|  |
acvader | What's the typical down payment like on a condo? |
I've heard the 10% figure tossed around quite a bit. I'm realistically looking at something in the $150,000-$200,000 range, probably in Florida. Is 10% pretty much standard or does it vary? I have good credit by the way. |
 |
 
NONAME
|
If your credit is decent, no down payment is generally a requirement anymore.
Anything less than 10% will cost you slightly more in interest rate or fees.
With good credit, and a 10% down payment, mortgage insurance is probably cheaper than doing an 80% first and 10% second mortgage to avoid the MI.
Any loan originated in 2007, the mortgage insurance will be tax-deductible.
With perfect credit, your mortgage insurance shouldn't cost you more than .37%. A normal 2nd mortgage will be at 1-2% higher than your fixed rate first mortgage (and there's almost ZERO savings on ARMs right now, so skip them). MI can be dropped in a couple years, as soon as your value appreciates or you pay down the loan enough to get below 80% of market value. High rate 2nds don't drop in rate when your value goes up.
But, it depends on the 2nd you can get, what closing costs if any you'd pay for the 2nd (some lenders will pay your costs on a 2nd.)
Get at least 3-4 quotes, couple from brokers, at least one from a bank (who might have cheap, no closing cost 2nds more available). They should be able to show you clearly, on paper, whether paying more down makes sense, whether an 80/10 or 80/15 or 90% insured makes sense, etc... |
|
Justin
|
This is a great question and the answer varies greatly depending on what you can qualify for.
Historically, you had to have at least 20% down to avoid paying PMI insurance or Private Mortgage Insurance. PMI insurance is a default insurance, charged if your FIRST LIEN mortgage is 80.01% or higher (of the value of the home). The reason this is charged is because there is a high rate of default on mortgages that are over 80% of the value of the home.
However, lenders have figured out a way around this rule, by seperating the one loan into two. Since they only look at whatever loan is in first lien position, now you can finance 100% of the value of a home, on two loans, one at 80% of the value and the second loan at 20% of the value. Since the first loan is at or below 80%, there is no PMI insurance.
There are many variations on this structure, like an 80-10-10 (putting down 10%) or an 80-15-5 (putting down 5%).
Hope this helps! |
|
patrickmcc55
 |
There are no money down mortgages, and 5% down mortgages, as well as 80/15's ( 80% first mortgage and 15% second mortgage) (80/15's are good because you wont need to get mortgage insurance)
Talk to a mortgage broker. He can go over the options with you. |
|
rhsaunders
|
Same as detached houses, and the down payments vary all over the lot: it is mostly a matter of what the lender will sit still for. Talk to your favorite banker, and also look at www.mlcc.com, which is the real estate lending arm of Merrill Lynch. |
|
chris_in_columbia
 |
I agree that Justin had a pretty good answer. If you have good credit, you can get in for very little money.
However, also consider how many years you might want to sell the property. Resale prices on Florida condos are getting absolutely hammered right now. Good if you can get a good deal as a buyer, but horrible if you want to be a seller not too far down the road.
Check to see what properties are being sold for at auctions. Your offer should be about the same or even lower than those offers. Do your homework carefully. I know this is somewhat off-topic from what you asked, but I'm just trying to help you make a good decision. |
|
hatchland
|
Patrick's right. And, I would add, do NOT go into an adjustable rate mortgage (ARM). That route is just too risky with rates on the rise. |
|
NATIVE NEW YORKER
 |
nowadays 15 percent is more like it and mortgage rates are higher than they have been in 3 years. i don't know what part of florida you're looking at but if it's within 10 miles of a beach try $400,000.00 |
|
sunshine
|
I believe it depends on how good your credit is. The more you put down the better your payments will be. |
|
J.R.
|
A typical down payment is 20%. Anything less, and you will be required to have PMI insurance, which can cost an arm and a leg. You can also let yourself in for financial problems if you put down less than 20% and the market falls, or you lose your job or need to sell for some other reason. |
|
mortgage help
 |
with good credit it's whatever you want it to be. If you need the money to furnish your place, put the 10% in your pocket and have fun at IKEA. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 39 minutes(s) ago
| | | |
10 | 57 minutes(s) ago
| | | |
10 | 2 hour(s) ago
| | | |
10 | 6 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
10 | 9 hour(s) ago
| | | |
10 | 1 day(s) ago
| | | |
10 | 2 day(s) ago
| | | |
10 | 1 week(s) ago
| | | |
10 | 3 week(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
