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Post by Maureen on Feb 20, 2012 21:13:39 GMT -5
The only home buying experience I have is my 2 trailers that sit on an acre of property in nowhere, Texas. I'm financing it through a person who only charges me the total divided by 30 years plus the taxes and thats it. Not even interest. No credit reports, nothing. I was 19 when I purchased it and it's still in my possession but my brother lives there and pays for it and my mothers oversees everything.
And no we won't go crazy with all that. I can make upgrades with appliances over time. I probably would go for a jetted tub though. Everything else I can do myself. Floors are easy especially the laminate that I like. There is one model with an unfinished attic that I can't wait to get my tools sunk into. Well.. if this all happens anyways.
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Post by Deb on Feb 20, 2012 21:34:09 GMT -5
If you've never had a mortgage before (both husband & wife), look into the first time homebuyers program.
It may be better than going VA.
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Post by mermaid on Feb 21, 2012 11:12:18 GMT -5
Nope, Wells Fargo, who held the original mortgage, credited me for the title policy, credit reports, revenue stamps, etc. Everything was done through the mail and on the phone. My loan closes on the 29th of this month, and my 1st payment on the new loan is April 1st, so I had to pay $400 or so in interest from March 1st to March 31st. That's awesome. We just have taxes & the title policy. The escrow too, but that will get reimbursed right after closing. We close in about 3 weeks. Like yours, everything has been handled through the mail, phone & fax. Super easy. |
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Post by Deb on Feb 21, 2012 14:50:04 GMT -5
I don't have an escrow account - I pay property tax and homeowner insurance policy myself.
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Post by gardenwitch on Feb 21, 2012 14:51:27 GMT -5
So is it better to have an escrow account or pay it yourself and do you have a choice?
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Post by Deb on Feb 21, 2012 14:57:48 GMT -5
With an escrow account, the bank will take are of paying your property taxes and homeowner insurance policy for you.
If you don't have enough money in the escrow account, the bank will pay those items, then raise your payment by a certain amount of money to make sure you don't fall short.
Since property taxes are CHEAP in NC, I just write the check for the $1K or so they are annually. If they were a few thousand, I would probably opt for the escrow account, since they are usually due by first week in January.
Whether or not to have an escrow account depends on the bank. Factors they consider to give the option is the amount of equity you have in your home and the amount of your loan.
If you do 100% financing, you're also more than likely to have to carry mortgage insurance, which is an additional expense.
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Post by mermaid on Feb 21, 2012 15:10:58 GMT -5
VA loans don't require mortgage insurance. Having an escrow account is dependent upon the bank and the type of loan you do. If you put down 10-20% you don't normally have to have one.
It makes no difference if you have one or not, as far as costs. You're not paying more/less unless you just want to count the interest you could earn on that couple thousand a year (which would be a tiny amount).
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Post by gardenwitch on Feb 21, 2012 16:47:58 GMT -5
I have been trying to get a hold of someone to sign up for that relocation buying and selling class at Russell tomorrow but of course they aren't answering the phone and haven't called me back either! I'm just going to show up at 9 and see if they let me in!
I was on the phone all damn day and feel like I barely got anything accomplished...........
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Post by dragqueen on Feb 21, 2012 20:09:12 GMT -5
I closed on our house in July and it was 187,900 and 3,000 in closing. We even got our 800 dollars back for a good faith deposit and inspection.
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Post by SaRaH :o) on Feb 22, 2012 23:16:11 GMT -5
We asked for seller to pay full closing costs, wood pest inspection, etc ... and they paid it all but only up to $5000 in closing.
We put $1500 in ernest money and we probably wont get it back because our closing is $6500.
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