Thinking of buying first home and have a question?

Credit and mortgage advice Forums Buying Your Home Thinking of buying first home and have a question?

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    • #206576
      Anonymous
      Inactive

      this might be a ‘silly’ question but when ever you purchase a new home i know you have to get home owners insurance and all but do we have to pay a certain amount (like certain amount of months ahead) and as for property tax do we have to pay that up front also are can it be monthly?

      Sorry if its kinda a confusing question not sure how to ask what I’m thinking



    • #268875
      Anonymous
      Inactive

      property tax can not be paid in instalments. but, why dont u keep some money in a bank every monthtowards property tax and use it whenever the tax becomes due. If ur qn is abt payment of tax NOW, then u can always seek some time to pay off the tax. u can have official permission for deferred payment.

    • #283498

      There are a couple ways you can pay for Homeowner’s Ins. and property taxes. You can pay annually, 1 lump some at a specified time of the year, not always a great idea, sometimes it’s hard to come up with $2,000 to $4,000 + at one time. The best way, and the way most lender’s do it is through an escrow account. In your mortgage payment you pay Principal and interest, but you can add Taxes and insurance (PITI) this will make you payment a little higher but when your taxes and insurance are due your mortgage company will pay them.

      When you close on a home you will pay closing costs and prepaids, along with other fees. The prepaids are taxes and insurance, you will pay a certain amount up front so your escrow account is not in arrears (behind).

      Good Luck!!

    • #434302
      Anonymous
      Inactive

      Check with your local realtor. I believe the gov’t gives out brochures for the realtors to hand out.

      Enjoy the hunt, and don’t buy too quickly – take some time and do some shopping.

      There are a few good houses out there and alot of houses that are – well – not so good.

      You should design a quick checklist for yourself so that as you go through the house, you remember to check each thing of interest to you. Some of the items may be:
      100 amp electrical? Type of heat? Central air? Dry basement? Main floor laundry? Double pane windows? Insulated doors? Age of house? Attatched garage? Age and condition of street, curb & gutter, and sidewalk (this may be a large expense in waiting), number of electrical outlets in each room, are the outlets grounded? How old are the shingles? How old is the water heater? Etc…

      Each house will have some things that will be a plus, and some things that will be a negative. Use the checklist to help you compare the houses and the prices.

      Enjoy!

    • #434303
      Anonymous
      Inactive

      http://www.kchomeprograms.com/
      This is the site that I refer all of my first-time homebuyers to in the Kansas City area.

      You can also contact a local Realtor, and they will have information for you about the home buying process.

      This is the site on http://www.Realtor.com, “10 Steps to Home Ownership”.

      Both of these sites should give you a good idea of what the process will be like and what you need to be aware of.

      Good luck!

    • #434304
      Anonymous
      Inactive

      Good finance question! I know of an organization that gives up to $ 1500 to people to help them with their rent or mortgage. It’s available in most US cities, I highly suggest you check it out.

      Best of Luck.

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