Re: Curious About Home Mortgages

Posted by Mathias NY on October 12, 2007 at 13:09:25 from (66.66.157.207):

In Reply to: Curious About Home Mortgages posted by in-too-deep on October 12, 2007 at 12:10:25:

I just went through all that last year. Something that people usually forget to mention is property and school taxes. Until you have a large portion of the loan paid off, the bank will take care of paying these taxes for you. The collect the payments monthly in an Escrow account. Here in upstate NY the taxes pretty significant. My monthly mortgage payment is only $650/month, but the escrow is another $500. So even though the mortgage is only $650/month, the home actually costs me $1150

My recommendation for you is to save as much as you can for a few years. The more you can pay up front the less you need to borrow. Closing costs can be expensive. These may include lawyer fees, survey costs, mortgage fees, title costs, 1st years insurance, etc. Usually totaling in the thousands of dollars. It will be good practice to squeaze your income too, because the home will end up costing you more than you think it will...

Good luck, at 20 you still have lots of time to buy.

Replies:

Add a Reply Name: E-Mail: Subject: Comments: Optional Link URL: Link Title: Optional Image URL: Optional Video Title: Optional Video URL: Email Notification: If you check this box, email will be sent to you whenever someone replies to this message. Your email address must be entered above to receive notification. This notification will be cancelled automatically after 2 weeks.

TRACTOR PARTS	TRACTOR MANUALS

We sell tractor parts!  We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]