Consumption and Real Estate
How can I find out payments before making an offer?
Question : How can I find out payments before making an offer?
My husband and I are looking into buying a home. We have already been qualified through our bank (then wachovia, now converted to wells fargo) Wachovia then, would tell us amounts of payments with insurance and taxes, closing costs and so on. Now I called tonight to find out how much payments on this house we are looking at will be with all included into it. Wells Fargo said all they could tell us is that we are approved and we would have to talk to the real estate agent about how much taxes and insurance would add onto it. I want to figure it all up before we make an offer, before wwe sign papers and before anyone puts any work into it (real estate agent or current homeowners) I want to know we can afford it before we get to much time and hopes put into it. Also, the agent has told me the house has been on the market for a while, and the owners would most likely take a smaller offer on it, but i want to figure it up with the asking price just in case they don’t. Does anyone know how I can go about figuring this up, without having other people to put time and work into it? I live in Marshall County Alabama. The house is right on the Marshall and Etowah County line so Im not 100% sure which county it is considered. Please help out!!!
Thank you for the link. I will use it when I find out how much taxes and insurance is out here. I am having trouble finding that out. I have googled it like crazy and I cant find anything on it
Lost on earth, thank you so much for your info, but this is not our first home so i got the bills thing covered lol. My concern is the price of the house payments. I know by my pic I look very young but im not haha. We have been together for 7 years and have 2 kids and all lol. We are the only family memebrs in either side of our family to have 2 new vehicles paid in full and never to have filed bankruptcy so we are well financially disiplined. But I know without taxes and insurance with 3% down (all they are asking for) the payments will be at $ 234. It is for sale at $ 49,000. No work needs to be done to the house at all. It is very large and apraises at over 100,000. The sellers just need to move. My impression is they are trying to sell it before it gets forclosed on cause not many people will be willing to sell such a nice house for such a low price. Im just making sure our house payment falls within the amount we are paying now which is $ 450.
alabama homeowners insurance
Best answer:
Answer by the kid
CNNMoney payment calculator
http://cgi.money.cnn.com/tools/mortgagecalc/index.html
There are dozens more like it, just google it.
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#2 written by Lost on planet earth 1 year ago
The interest rate desides how much you can afford. How ever you have to set aside at least 75 to 100 a month for future repairs. Home insurance depends how much you can afford. I think we paid 230 a quarter. Just enough to pay off the loan and 20k to replace some of our needs incase of a fire.Taxes will depend on what the town hall shows. I borrowed 82k at 9% and it was 920 a month for mortgage,insurance and taxes.
You should save up 2 months worth of bills so u can get by the first 2 months. Within 3 weeks our hot water tank failed.The seller will show the last year average for electricty. How ever unless you know how much electricty you use normally its hard to say how much more it will cost. I was told that 140 a month electric bill was on the very low side. Giving an offer is very rattling.You need to see how many homes are for sale nearby, what the last 5 house sold for and how much you are willing to pay.
I bought a mobile home here in Oklahoma. I was able to get it for 18,500. They wanted 23k. I felt 18,500 was what I could afford and they excepted. Later I found I could have bought for 16k. But since it was only 300 ft from a pool and tornado shelter it was worth the price. My house in Vermont was listed at 89k and we could only afford 81k. They took the offer. It was a fixer upper but I was able to do 99% of the work. I would say 65k was too much but with very few houses under 100k I went for what I could afford. They could have easly got 90k for it from someone else.
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The thing is, it would depend on many factors
One would be what interest rate are you going to be getting on this mortgage?
How much are the taxes on this place?
How much will insurance be?
When you know those numbers you can put them into any mortgage calculator online and find out if it is within your budget.