As you may have heard interest rates for mortgages are at an all time LOW! We haven't seen them this low for at least 30 years if not longer. So how low are they?
4.25% right now, have been for a few weeks. Can they go back up - definitely - that's one reason to keep your eye on them if you are thinking of buying instead of renting and paying your Landlord's mortgage for him.
Back in the mid 90's interest rates actually went up to around 18%! Not anticipating that again though, just an FYI!
So if you are thinking of buying, and you are looking at a purchase price say, $250,000, your monthly payment would be around $1,230 a month, with approximate property taxes of $260 (you can include those in your mortgage or pay twice yearly to the City) and insurance is approximately $40 for a condo, $75 for a house.
If the interest rate starts to rise, and you are pre-qualified for $250,000, the amount you would then be pre-qualified for would go DOWN - that's because it would cost you more for your mortgage! If you have questions, let me know, I am here to help!
Love your Home, Love your Realtor!
Jane LovedayWindermere Real Estate Agent Lic # 01439083 619-519-1615 Cell http://janeloveday.com http://www.facebook.com/realestatesandiego
Showing posts with label homebuying. Show all posts
Showing posts with label homebuying. Show all posts
Tuesday, August 10, 2010
Tuesday, April 6, 2010
HOW TO BUY A HOME 101 !
Choose your Realtor - Make sure you find someone who not only understands your needs, the area you are searching but is also someone who you get along with and can trust. visit www.janeloveday.com to search San Diego!
Obtain Pre-Approval from a lender – It is imperative that you meet with a lender to determine how much house you can afford, how much you will need for your deposit and closing costs. A first step would be contacting Broadview Mortgage Corp, they also have homebuying seminars and can be reached at 866.667.6724 or email inquiry@broadviewmortgagecorp.com
Find your Perfect Home – once you have given us your criteria, and the more detailed the better, I will be able to create a custom search to totally suit your needs, I'll show you all the property available and make your search a success!
Making an Offer – I'll prepare your paperwork, explain and advise the contingencies you will be under, and help you make the best offer based on current market conditions – this is currently a strange market, prices are low but not necessarily dropping, and it is not unusual to encounter multiple offers on properties. We will help negotiate on your behalf to ensure a successful response from the seller.
Open an Escrow! - Congratulations, once you have acceptance you will need to place your initial deposit into escrow which is held until your loan is funded and final documents are signed.
Your Contingency Period – This is a time frame during the beginning of the escrow period that protects you, it is written into the purchase contract and is usually 17 days from the opening of escrow. This applies to obtaining an appraisal, conducting a property inspection, reviewing the pest inspection, reviewing seller disclosures and getting your loan in place.
Home Insurance etc - After the contingency period, and before close of escrow, you will need to obtain home insurance for your future home, file a change of address with the Post Office, submit a change of address to the Registrar of Voters, make arrangements for your move, cancel and order any services such as gas and electric, cable, water.
Close of Escrow – Prior to close, you will need any balance of deposit to be placed into your escrow account, your lender will have all your paperwork to sign ready, you’ll have any balance of closing costs also deposited with escrow, a Notary will meet with you to sign all and last paperwork, and a day or so later, the County Recorder will record your new trust deed and you will take ownership of your new home. CONGRATULATIONS !!!
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
Obtain Pre-Approval from a lender – It is imperative that you meet with a lender to determine how much house you can afford, how much you will need for your deposit and closing costs. A first step would be contacting Broadview Mortgage Corp, they also have homebuying seminars and can be reached at 866.667.6724 or email inquiry@broadviewmortgagecorp.com
Find your Perfect Home – once you have given us your criteria, and the more detailed the better, I will be able to create a custom search to totally suit your needs, I'll show you all the property available and make your search a success!
Making an Offer – I'll prepare your paperwork, explain and advise the contingencies you will be under, and help you make the best offer based on current market conditions – this is currently a strange market, prices are low but not necessarily dropping, and it is not unusual to encounter multiple offers on properties. We will help negotiate on your behalf to ensure a successful response from the seller.
Open an Escrow! - Congratulations, once you have acceptance you will need to place your initial deposit into escrow which is held until your loan is funded and final documents are signed.
Your Contingency Period – This is a time frame during the beginning of the escrow period that protects you, it is written into the purchase contract and is usually 17 days from the opening of escrow. This applies to obtaining an appraisal, conducting a property inspection, reviewing the pest inspection, reviewing seller disclosures and getting your loan in place.
Home Insurance etc - After the contingency period, and before close of escrow, you will need to obtain home insurance for your future home, file a change of address with the Post Office, submit a change of address to the Registrar of Voters, make arrangements for your move, cancel and order any services such as gas and electric, cable, water.
Close of Escrow – Prior to close, you will need any balance of deposit to be placed into your escrow account, your lender will have all your paperwork to sign ready, you’ll have any balance of closing costs also deposited with escrow, a Notary will meet with you to sign all and last paperwork, and a day or so later, the County Recorder will record your new trust deed and you will take ownership of your new home. CONGRATULATIONS !!!
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
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