|Real Estate 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)
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.
Don't expect real estate to be a political punching bag in mayoral race Crain's New York Business
What's your pleasure? Garden State becomes prime destination in evolving real estate market - Jersey's Best
What's your pleasure? Garden State becomes prime destination in evolving real estate market Jersey's Best
Real Estate Developer Alexander Posth’s Top Restaurants For Successful Business Meetings Around The World - Forbes
Real Estate Developer Alexander Posth’s Top Restaurants For Successful Business Meetings Around The World Forbes
Is Disney a Real Estate Company? Motley Fool
Lewis Real Estate Services Establishes 'The UConn Real Estate Project' - University of Connecticut Athletics - UConn Huskies
Lewis Real Estate Services Establishes 'The UConn Real Estate Project' - University of Connecticut Athletics UConn Huskies
Real estate: North San Jose industrial site lures big developer Pacifica Tribune
RealtyTech Inc Now Includes a Full Featured Blog for Real Estate Agents with Their Premium Website and IDX Search System Combo - Yahoo Finance
RealtyTech Inc Now Includes a Full Featured Blog for Real Estate Agents with Their Premium Website and IDX Search System Combo Yahoo Finance
Real Estate Insider: $9.7 million residential, commercial development planned for McNichols - Crain's Detroit Business
Real Estate Insider: $9.7 million residential, commercial development planned for McNichols Crain's Detroit Business
Real estate: South Bay developer in SEC fraud case files bankruptcy Pacifica Tribune
Shaler Area agrees to sale of former elementary school to real estate company; township believed it was buyer - TribLIVE
Shaler Area agrees to sale of former elementary school to real estate company; township believed it was buyer TribLIVE
6 Arizona real estate projects to watch AZ Big Media
5 tools to help real estate teams to adapt in 2021 TechRepublic
Recent Commercial Real Estate Transactions The New York Times
Real Estate Today by Evans & Evans Real Estate: Getting a great return on your investment properties - WJHL-TV News Channel 11
Real Estate Today by Evans & Evans Real Estate: Getting a great return on your investment properties WJHL-TV News Channel 11
Emerging Trends in Real Estate 2021: ULI Report milehighcre.com
Report: Record-Breaking Year for Cape Cod Real Estate CapeCod.com News
She once sold real estate. Now she searches for predators at night Herald-Mail Media
Local real estate market bounces back in late 2020 Terre Haute Tribune Star
Real Estate Austin Weekly News
Sarah Susan Moore, in real estate sales CapeGazette.com
Working With Your Commercial Real Estate Lender - Accountingweb.com Accountingweb.com
Hire A Real Estate Agent Or Do It Yourself? It's No Contest Haute Residence
Women getting it done in commercial real estate REjournals.com
Key takeaways from Colliers' real estate outlook for 2021 Kansas City Business Journal
Meet the 2021 Notable in Real Estate honorees Crain's New York Business
Real Estate Today by Evans & Evans Real Estate: One level luxury living in Gray, Tennessee - WJHL-TV News Channel 11
Real Estate Today by Evans & Evans Real Estate: One level luxury living in Gray, Tennessee WJHL-TV News Channel 11
BREVARD REAL ESTATE MARKET WATCH: Four Reasons People are Buying Homes in 2021 - SpaceCoastDaily.com
BREVARD REAL ESTATE MARKET WATCH: Four Reasons People are Buying Homes in 2021 SpaceCoastDaily.com
commercial real estate Realtor.com News
Real Estate Market Trends Flathead Beacon
Triten Real Estate Partners finalizes purchase of Plano's Market Square Mall for redevelopment - Dallas Business Journal - Dallas Business Journal
Triten Real Estate Partners finalizes purchase of Plano's Market Square Mall for redevelopment - Dallas Business Journal Dallas Business Journal
People and Property: Real Estate and Construction News From Around NH - New Hampshire Business Review
People and Property: Real Estate and Construction News From Around NH New Hampshire Business Review
The 10 Biggest Real Estate Sales Of 2020 Celebrity Net Worth
StreetWire partners with R3's Corda to help power transformation of real estate data services - PRNewswire
StreetWire partners with R3's Corda to help power transformation of real estate data services PRNewswire
Local real estate broker feels the Bern - LVB Lehigh Valley Business
Apollo Commercial Real Estate Finance, Inc. Announces 2020 Dividend Income Tax Treatment - GlobeNewswire
Apollo Commercial Real Estate Finance, Inc. Announces 2020 Dividend Income Tax Treatment GlobeNewswire
EQT inks deal to buy real estate manager Pensions & Investments
Five key real estate proposals in Cuomo’s budget The Real Deal
Tucson Real Estate: Assisted living home bought for $5.6M Arizona Daily Star
Covid drives annual Hawaii real estate forecast online Pacific Business News (Honolulu)
deSatnick Featured Agent: Micah Yerk | Real Estate | capemaycountyherald.com - Cape May County Herald
deSatnick Featured Agent: Micah Yerk | Real Estate | capemaycountyherald.com Cape May County Herald
CIP Real Estate Acquires Dallas Industrial Portfolio 39 minutes ago Commercial Property Executive
Real Estate Developer The St. Joe Co. Forms Watersound Insurance Agency in Florida - Insurance Journal
Real Estate Developer The St. Joe Co. Forms Watersound Insurance Agency in Florida Insurance Journal
Amazon lifts NYC's industrial real estate market Crain's New York Business
Real estate community hears legal and economic implications of Proposition 208 - Chamber Business News
Real estate community hears legal and economic implications of Proposition 208 Chamber Business News
CRE - California Commercial Real Estate News ConnectCRE
Making it in Big Sky: ERA Landmark Real Estate Explore Big Sky
COVID-19 effect on real estate - Lex Koller: potential temporary ban on foreign investors acquiring commercial real estate in Switzerland ahead! - Lexology
COVID-19 effect on real estate - Lex Koller: potential temporary ban on foreign investors acquiring commercial real estate in Switzerland ahead! Lexology
Real estate & property tech – Crunchbase News Crunchbase News
Invesco Real Estate Selects Altus Group to Strengthen Data Usability and Boost Decision-Making Efficiency for its Pan-European Portfolio - GlobeNewswire
Invesco Real Estate Selects Altus Group to Strengthen Data Usability and Boost Decision-Making Efficiency for its Pan-European Portfolio GlobeNewswire
Brotherly Love: How One Real Estate Broker Is Racing To Help Food Bank Of Delaware Provide Lifeline For Thousands In Community - CBS Philly
Brotherly Love: How One Real Estate Broker Is Racing To Help Food Bank Of Delaware Provide Lifeline For Thousands In Community CBS Philly
Investment in Life Sciences' Real Estate Reaches Record High Commercial Observer
TPG Real Estate Partners' Alloy Properties snaps up life science campus in Bothell - Puget Sound - Puget Sound Business Journal (Seattle)
TPG Real Estate Partners' Alloy Properties snaps up life science campus in Bothell - Puget Sound Puget Sound Business Journal (Seattle)
DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOLD FREE VIRTUAL “CONDORAMA VII” EDUCATION EVENT - David Y. Ige | Newsroom
DCCA NEWS RELEASE: REAL ESTATE COMMISSION TO HOLD FREE VIRTUAL “CONDORAMA VII” EDUCATION EVENT David Y. Ige | Newsroom
Business Report: Buy American executive order, NJ real estate market, ShopRite pharmacy closings | Video - NJ Spotlight
Business Report: Buy American executive order, NJ real estate market, ShopRite pharmacy closings | Video NJ Spotlight
Nashville commercial real estate set for auction by court order including Murfreesboro Pike hotel - WKRN News 2
Nashville commercial real estate set for auction by court order including Murfreesboro Pike hotel WKRN News 2
Repurposing Real Estate Offers Opportunities Post-Pandemic NBC 5 Dallas-Fort Worth
Booming Charlotte real estate widens wealth gap Charlotte Agenda
Bluerock Total Income+ Real Estate Fund Delivers a 2.57% Fourth Quarter Return and Bullish Outlook for 2021 - Salamanca Press
Bluerock Total Income+ Real Estate Fund Delivers a 2.57% Fourth Quarter Return and Bullish Outlook for 2021 Salamanca Press
JPMorgan Chase name returns to Houston's tallest office tower Houston Chronicle
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to 'normal' by the summer? - Northern Nevada Business Weekly
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to 'normal' by the summer? Northern Nevada Business Weekly
See how Georgetown real estate fared in December Community Impact Newspaper
Beaman offers urban real estate empire for sale Nashville Post
Should you invest in stocks or real estate? MarketWatch
Why the Charlotte real estate market looks invincible in 2021 Charlotte Agenda
President Joe Biden’s real estate checklist The Real Deal
Milwaukee real estate market hits sales record in 2020 with pandemic buyers and low interest rates - Milwaukee Journal Sentinel
Milwaukee real estate market hits sales record in 2020 with pandemic buyers and low interest rates Milwaukee Journal Sentinel
Commercial Real Estate Debt Sustained by Central Bank Bond Buying The Wall Street Journal
Durango’s real estate market immune to COVID-19 The Durango Herald
15 Biggest Real Estate Companies in the World Yahoo Finance
Using The Internet In Your Lease Purchase Business
First you need to find a list of For Sale By Owner Sites. You do this by going to one of the major search engines.
Investing In Land
Changing social trends point to a huge rise in demand for housing within the next twenty years.With an ageing population and more single people requiring accommodation, it comes as no surprise that the government has ordered planning authorities to find more land to develop, including areas of greenbelt.
How To Spot A Good Buy
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
Real Estate: Buyers Agent, Sellers Agent & Dual Agent (defined and explained)
There is a relatively new and not always well understood practice in Real Estate sales; it is called Buyer Agency or Buyer's Agent. Until recently Realtors and agents usually represented the seller, in opposition to the buyer, during the real estate transaction.
10 "No Money Down" Ways to Buy Real Estate
Turn the Television on any Sunday morning and you'll find yourself in the middle of a "how to buy real estate" infomercial. Can you really buy a house with no down payment? Can you really make thousands or millions of dollars buying real estate.
Negative Gearing - It's Not to Your Benefit!
The concept of negative gearing has been originally developed to encourage real estate investment in Australia by allowing any income losses from property investment to be deductible from other income as a tax benefit. This means that the taxable income of the owner will be reduced after the deduction and therefore the total tax payable is also reduced.
What You Can Do To Sell Your Home Fast
Yes, you want to sell your home and you want to sell it fast. It may be a seller's market and every other home in your neighbourhood is selling and you think it's going to be a cakewalk selling your home.
A $100,000+ Discount On Miami Condos
By this point and time, many people have heard about buying preconstruction condos and some of the amazing profits that have been generated by these investments. What many people don't understand is that there is another way to play the preconstruction investing game, especially for those investors with solid financial resources.
How To Start Investing For Financial Independence, Part 2
Last week, we started a multi-part series about how to go from being a beginning investor to being "financially independent" in a steady and predictable way. Many, many people want to overly complicate this process so let's briefly, let's recap that discussion.
Fixing Houses: Mixing Your Own Paint for Savings and Harmony
To make the maximum profit on your investment properties, you'll need to save money wherever you can. One way to save significant amounts of money is to mix your own paint.
Things To Consider Before Buying a Condo Hotel or Resort Residence
Resort home ownership, such as condo hotels and fractional shares is different from typical home ownership. So it is important to ask certain questions before signing the purchase agreement on a resort property.
Real Estate Investment - Why it is Big Business?
When examining the different asset classes, real estate is generally far less volatile than shares and real estate tends to be the haven that investors flock to when other asset classes are suffering.It is true to say that investment properties can have many benefits in terms of building long-term wealth, but we must never forget that this wealth is not guaranteed!Following the global real estate boom of the late 1980's many investors learnt this hard lesson when they found their properties were worth far less than they had actually paid for them and the bottom seemingly fell out of the over-inflated market.
Refinancing Your Home Loan? When Should You Refinance Your Home?
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it's the right time for refinancing your mortgage loan.
Condo Hotels Offer Luxury and Great Investment Potential
Not Your Typical Vacation HomeWhat could be more perfect that owning a luxury vacation home at a landmark resort and receiving rent revenue whenever you're not using it? Condo hotels are the newest trend in vacation home ownership. Live in it when you're there; rent it when you're not.
What are the Elements in Real Estate?
Each element has a specific color associated with it. Because color (light) vibrates and is such a high frequency, it immediately lifts the "energy vibration" in our listings.
Finding Structural Problems During Escrow - Small Rural Home Example
In rural home purchases, the transaction is often subject to a satisfactory home inspection being done. Any imperfections are usually corrected during escrow.
What We Do To Sell Your Property!
Once you have contracted us to sell your property we go to work for you to bring you the most money and best price for your property as quickly as possible. Some properties are faster selling than others based on the location, condition, size, price, of course, and type of the property.
How to Use the Internet to Help Your Apartment or House Hunting
So you are looking for an apartment to rent or a house to purchase. One of the most important steps is researching the neighborhood to decide if you really like to live in that area.
Real Estate News
Happy New Year,Make it a better world. "Pay it Forward" as in the movie.
Top 7 Reasons Why FSBOs Fail To Sell Their Home On Their Own!
In the United States, less than 10% of all For Sale by Owners (FSBOs), are successful in selling their home by themselves. That*s because most people just give up because they don*t realize from the beginning the difficulty and complexity of the job ahead.
|home | site map|
|© 2006 TIGER MEDIA|