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Expense List for Buying a Home
There are many expenses that come with buying a home. The following list is a good example of what to expect: Down payment - A minimum of 20% of the home's purchase price is usually required for the best loan terms and to avoid paying private mortgage insurance (see below), but it's entirely possible to buy a house with a smaller down payment. Monthly mortgage payments - Include loan principal, interest, and sometimes additional charges for taxes and insurance. Property taxes - Amounts vary, but the average is around 1.5% to 2% of a home's purchase price. Homeowners insurance - Again, the cost varies. Call insurance companies for more information, or contact the Florida Department of Insurance for surveys of prices for insurance rates. Private mortgage insurance (PMI) - If your down payment is less than 20% of the purchase price, this can tack several hundred dollars each year to your loan costs until the equity in your home reaches 22%, when you no longer need the insurance. Maintenance - Varies year to year, but you may spend about 1% of the purchase price annually on maintenance and repairs. Closing costs - Include points and other fees charged by the lender, which can add up to 3% of the amount you borrow; title insurance, from a few hundred to over a thousand dollars, depending on the purchase price of your home; inspections, about $200 to $500; and other miscellaneous fees. Many of these costs are negotiable between the buyer and seller, and are dependent on local customs. You can also negotiate with the lender to reduce, and in some cases completely waive, certain costs. Housing expense ratioTypically, mortgage lenders won't allow these housing expenses to be more than one-third of your household monthly gross income. In other words, 28% of your monthly gross pay (for example, your annual salary divided by 12) is the usual maximum "housing expense ratio" allowed by lenders. The "housing expense ratio" compares your monthly gross income to "PITI," an acronym for: * Principal, or the amount you borrowed, of your mortgage loan * Interest on the mortgage loan * Taxes: property taxes * Insurance: homeowners and private mortgage insurance (PMI) Debt-to-income ratio. On top of the 28% lenders allow for monthly housing expenses, they will usually let you spend another 10% for other debt repayments such as student loans, car loans and other similar loans. Added together, your housing expense ratio and monthly recurring debts make up your "debt-to-income ratio," and should not be higher than 38% of your monthly gross pay. Now the Good News The good news is that there are tax benefits to owning a home. The IRS lets you deduct mortgage interest and real property taxes, within limits, on your annual income tax return! Contact a real estate or tax attorney for the specifics in your area. Genesis Font is an SEO and Developer for LoansInteractive.com> Mortgage and Loan Officer Websites. We also offer Quality Web Hosting Services.
MORE RESOURCES: L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Erie County real estate transactions Buffalo News Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business A New Yorker Took Her $400000 Budget Up to the Hudson Valley. Here's What She Found. The New York Times Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Portside Real Estate acquires Belgrade Lakes brokerage Kennebec Journal and Morning Sentinel Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Luxury Homes Are Booming in These 10 Unexpected Cities in 2024 Norada Real Estate Investments Real Estate Investment and Finance Hunton Andrews Kurth LLP Worcester County real estate transfers, Sunday, May 19 Worcester Telegram Wellesley resident Peter Covo joins Conn Kavanaugh as partner in firm's real estate practice The Swellesley Report REAL ESTATE | A look inside The Lofts at Cedar Lake on the campus of Cedar Community washingtoncountyinsider.com Top 10 Brooklyn Listings: A Flatlands Standalone Brownstoner Revised Mortgage Rate Predictions Signal HIGHER Rates in 2024 Norada Real Estate Investments Slow April real estate market among Pueblo's top business news Pueblo Chieftain Berks County real estate transactions for May 19 Reading Eagle Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com REAL ESTATE | Check out Braund's Flooring & Remodeling LLC in West Bend, WI washingtoncountyinsider.com Increases in interest rates stress commercial real estate Richmond Times-Dispatch Private Advisor Group LLC Purchases 1425 Shares of Doubleline Commercial Real Estate ETF (NYSEARCA:DCMB) Defense World Letter to editor: On recent misinformation regarding upcoming changes to the real estate industry Woodland Daily Democrat STAR resource center Department of Taxation and Finance Egypt boasts real estate portfolio valued at $200bn, ready for international export - Dailynewsegypt Daily News Egypt Amalgamated Bank Trims Stock Position in Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Defense World Kenosha CubeSmart storage facility sold to new owner Kenosha News The Properties High Interest Rates Can't Touch The Wall Street Journal Celebrity Real Estate Realtor.com News Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 News anchor sells luxury Scottsdale home he built for $6M The Business Journals Apollo Commercial Real Estate Finance, Inc. (NYSE:ARI) Stock Position Reduced by Victory Capital Management Inc. Defense World Real estate transfers: May 17, 2024 RiverheadLOCAL China's real estate market sees surge in weekend consultations and trading, boosted by accommodative policy Global Times 10 most expensive homes sold in Cuyahoga Falls, May 6-12 cleveland.com China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal See all homes sold in Avon Lake, May 6 to May 12 cleveland.com Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Mid-May Greenwich Real Estate Market Report Greenwich Sentinel 10 most expensive homes sold in Portage County, May 6-12 cleveland.com Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk What's real estate wellness? Fortune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Why Renting Still Makes More Sense Than Buying in Major US Cities Business Insider Dodge County Real Estate Transfers Fremont Tribune Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio The Michael Houck Real Estate Guide for May 19 Oil City News Southern fast-food chain Cook Out buys Tampa real estate The Business Journals Naples, Florida number of homes for sale among highest in US Naples Daily News |
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