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When The Same Loan Amount Equals Different Payments
Manage episode 347679050 series 3056123
Tim Hart द्वारा प्रदान की गई सामग्री. एपिसोड, ग्राफिक्स और पॉडकास्ट विवरण सहित सभी पॉडकास्ट सामग्री Tim Hart या उनके पॉडकास्ट प्लेटफ़ॉर्म पार्टनर द्वारा सीधे अपलोड और प्रदान की जाती है। यदि आपको लगता है कि कोई आपकी अनुमति के बिना आपके कॉपीराइट किए गए कार्य का उपयोग कर रहा है, तो आप यहां बताई गई प्रक्रिया का पालन कर सकते हैं https://hi.player.fm/legal।
When The Same Loan Amount Equals Different Payments
If you are out shopping for a home then you will want to listen to this episode!
Let’s just say you have a pre-approval for $500k and are doing 20% down. Loan amount of $400k.
In this episode, I explain how the same loan amount can equal much different monthly payment amounts.
Here is a short test case.
1st $500k house. Built in 1926, in a flood zone, roof is 20 years old, has a pool, 2 floors, wood frame and is nowhere near a fire hydrant. You can imagine how much the flood and homeowners insurance will cost on that house.
In Florida that flood would be between $3k-$7k and the homeowners would be the same or more.
2nd $500k house. Brand new construction. 3/2 no pool and not in a flood zone. Insurance companies love this house!
Flood is zero and homeowners would be less than a $1K
You are looking at a swing of $6k-$15k a year or more between the two houses.
Just keep an eye on this and I go into more detail with the episode.
I do Mortgages for a living, if I can ever help you buy or refinance a home let me know!
• Apply for a mortgage now https://myvandyk.vandykmortgage.com/dr/c/qojpr
• TEXT “APPLY” to 239-437-4278
• Call me or text me 239-910-5668
• Talk to my team were here to help! 239-437-4278
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