Real Estate Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

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:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


CNBC

Sears' head of real estate is stepping down
CNBC
The head of Sears Holdings' real estate division, Jeff Stollenwerck, is preparing to step down from his role with the department store chain, a company spokesman told CNBC Tuesday. Stollenwerck has been with Sears for 15 years, leading the retailer ...
MOVES-Sears real estate chief to leave US retailerReuters
Sears CEO offers to buy Kenmore, Sears real estateHouston Business Journal

all 6 news articles »


Forbes

The Hard Questions To Ask Before Investing In Any Real Estate Deal
Forbes
Real estate has always been regarded as an equal-opportunity wealth creator. However, the caveat emptor: real estate historically has been full of scams. And, based on my experience managing distressed real estate funds, that's the No. 1 reason smaller ...



7 reasons stocks are better than real estate
MarketWatch
You've heard this before: Stocks, over time, outperform real estate. There are many schools of thought on this but one common statistic that gets tossed around shows equities over the past several decades have returned an average upwards of 10% a year ...



New York Times

Recent Commercial Real Estate Transactions
New York Times
$6.3 MILLION. 457-459 West 150th Street (between Amsterdam and Convent Avenues). Manhattan. A local developer has bought this four-story brick parking garage with an elevator in Hamilton Heights. The garage, which was sold in an off-market transaction ...

and more »


Splinter (blog)

Sean Hannity's Real Estate Portfolio Raises Journalism Ethics Questions
NPR
A week ago, it was over Hannity's legal and personal connections to President Trump's attorney, who's under criminal investigation. This week, the dust-up is over Hannity's personal real estate empire and whether he should've revealed his financial ...
Sean Hannity's Real Estate Empire Connected to Criminal InvestorSplinter (blog)
Trump supporter Sean Hannity's real estate venture linked to fraudulent property dealerSouth China Morning Post
Media shines light on Fox News star Sean Hannity's Georgia 'real estate empire'Atlanta Business Chronicle
Bisnow -The Guardian -The Guardian -Sean Hannity
all 81 news articles »


CNBC

Barry Sternlicht: US real estate is my favorite asset class right now
CNBC
Barry Sternlicht, Starwood Capital Group chairman and CEO, provides insight to the real estate market and where he is seeing opportunity. Watch CNBC Live TV. You May Like. ‹ › Latest Video. ‹ 02:24. Coca-Cola CEO: We're growing in all the categories we ...



Forbes

Real Estate Market For Spring 2018 Is A Good News/Bad News Story
Forbes
Shutterstock: Arch Mortgage Insurance Spring 2018 Report predicts potential 17% increase in monthly mortgage payments by year-end for Tampa, Florida. The Spring 2018 real estate market is a good news/bad news story. A recently released report from Arch ...



Los Angeles Times

Fox News host Sean Hannity's real estate holdings draw scrutiny
Los Angeles Times
Over the last decade, Hannity appears to have built a real-estate empire worth tens of millions of dollars that spans at least four states. On Feb. 6, conservative media personality Sean Hannity brought his longtime financial advisor, William Lako, on ...
Will Sean Hannity's Secret Real-Estate Empire Get Him in Trouble at Fox?Vanity Fair
Sean Hannity Faces Conservative Criticism Over Real Estate DealsTIME
Why Should Hannity Have to Disclose His HUD-Backed Real-Estate Empire?New York Magazine
Seven Days -HuffPost -Politico -The Guardian
all 156 news articles »


Wall Street Journal

Brookfield's New Venture-Capital Unit Eyes Real-Estate Tech Startups
Wall Street Journal
Brookfield isn't the only big player using its holdings of office towers, malls and other commercial real estate to get a front seat in the new technology world. Several giants have set up separate investment units, including home builder Lennar Corp ...

and more »


Forbes

The Blockchain For Real Estate, Explained
Forbes
There is a lot being written about blockchains, bitcoin and related technologies, and for many real estate professionals, this is part of a brave, new, confusing world of technology. Like the original internet, the blockchain is a revolution in ...


Google News

home | site map
© 2006 TIGER MEDIA